European Central Bank hikes interest rates, fuelling recession fears

ECB chief Christine Lagarde notes concerns but warns of further hikes to tackle soaring eurozone inflation

The European Central Bank has increased the cost of borrowing to tackle inflation, which soared across the eurozone last month to 9.9%.

Matching financial market expectations, the ECB's 25-member governing council raised the deposit rate by three-quarters of a point to 1.5% - the joint fastest rise in the eurozone's history.