Europe’s central bank raises key interest rate to record high

The European Central Bank has hiked its key interest rate to a record-high figure.

The benchmark deposit rate has been raised to 4%. That's the highest mark since the euro was established in 1999.

“Inflation has declined, and we want it to continue to decline and to reinforce that process,” ECB President Christine Lagarde said. "And we are doing that not because we want to force a recession, but because we want price stability to be there for people who are taking the brunt of inflation.”

Read more from The Associated Press.