ECB raises interest rates to highest level since euro launched

Central bank's president hints this may be the peak for rates in drive to bring down stubborn inflation

The European Central Bank has raised interest rates to the highest level since the launch of the euro to tackle stubbornly high inflation, despite fears over a slowdown across the single currency bloc.

It marks the 10th consecutive rate rise for the bank, as the ECB warned inflation remained too high even as the impact of previous increases and a weakening outlook for global trade weigh on the eurozone economy.