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Thats the highest since the launch of the euro more than 20 years ago. And its worth putting into context that as recently as last year, eurozone Interest Rates were negative. The reason is that inflation is proving harder than expected to control. For the 20 countries using the euro, inflation was 5. 3 in august thats half the 10. 6 that it was a year ago. But as the ecb says today, it is still expected to remain too high for too long. Earlier we got the view from The Economist katharine neiss, she explained the background to this latest move. The ecb told us today through their actions they are still concerned with inflation being too high. I think in particular they are concerned that underlying inflation could become embedded in the euro area economy, making it harder for policymakers to get inflation back to their 2 target. Widely perceived this could be the lasting increase, we heard from the banks president that there was, the decision was not unanimous, there were dissenters. T

Opposition leaderLaw enforcement agencySara sharifEuropean central bankBusiness newsEurozone interest rates10 65 3The economistKatharine neissEuro area economySilver liningForecast projectionsRaising interest ratesBank of englandUs federal reserve