Belgian interest rates reach highest level since 2014

Belgian interest rates reach highest level since 2014
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Belgian interest rates are currently at their highest level since early 2014, after the European Central Bank's (the ECB) decision to raise their own interest rates by 0.75%, their largest increase in over 20 years.

With the whole of Europe mired in the ensuing energy crisis and facing rampant inflation, Euro area states resorted to the ECB for assistance.

While some criticised the ECB for having been too slow to react, the Bank responded by raising interest rates in July for the first time in a decade and then increasing them by a further 0.75%, the largest hike in over 20 years.

As a result, interest rates in all European countries have risen, with Belgium's reaching 2.475%, a record-high level not seen since early 2014.

These rates had already approached the 2.5% mark in mid-June, but fell in the months that followed and were as low as 1.5% in mid-August, as the risk of recession loomed over the National Bank of Belgium.

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However, following the ECB's record hike, interest rates have once again rapidly increased throughout Europe. Germany's long-term interest rate, a market benchmark, is now at 1.886%. While Sweden's interest rates increased by a full percentage point on Tuesday.

Thus, Eurozone countries are once again appealing to the ECB for further action, fearing that the euro will lose value on foreign markets.

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