ECB agree to raise rates again ‘if necessary’ despite October pause

New meeting notes reveal bank’s updated stance on interest rates, inflation and markets

The ECB left interest rates on hold last month for the first time since embarking on an aggressive rate-hiking cycle in mid-2022. Picture: Shutterstock

European Central Bank officials agreed they should raise borrowing costs again if needed despite deciding against such a move in October, according to an account of their last policy meeting.

“Even if interest rates were left unchanged at the current meeting, the view was held that the Governing Council should be ready, on the basis of an ongoing assessment, for further interest-rate hikes if necessary, even if this was not part of the current baseline ...