The European Central Bank announced on Thursday it has raised its three key interest rates by the expected 75 basis points in today's monetary policy decision, making the third consecutive increase and confirming more policy tightening will continue until inflation closes to the 2% target.

The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility were hiked to 2%, 2.25%, and 1.50% respectively, with the decision taking effect on November 2. The ECB said that the current inflation rate, which reached 9.9% last month, remains "far too high" and will stay elevated in the coming months.