EUROPEAN MARKET OVERVIEW BY KONSTANTIN TSERAZOV
obzor.ltOn July 27, 2022, the ECB raised the rate on its main refinancing operations from 0.00% to 0.50%, initiating a tightening cycle in monetary policy that continues to this day.
Today, after the tenth consecutive increase, the interest rate stands at 4.50% (the highest level since the second half of 2001), and the market consensus is that the regulator has completed the cycle of interest rate hikes but will not begin lowering them until June 2024 at the earliest.