European Central Bank President Christine Lagarde attends a debate during a plenary session at the European Parliament on February 14, 2022 in Strasbourg, eastern France.
Surging prices are taking their toll on other major economies as well. The European Central Bank on Friday saidin June. The ECB is expected to raise rates for the first time in 11 years later this month, and is projected to follow through with another increase in September. Earlier this week, ECB President Christine Lagarde said the central bank would move even faster if inflation didn't improve, although she still expects growth. The ECB's rates have been negative since 2014.
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