ECB keeps interest rates steady amid eurozone recession fears

Widely expected decision by European Central Bank follows 10 consecutive hikes in borrowing costs

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The European Central Bank has paused its toughest cycle of interest rate increases since the launch of the euro, amid growing fears over the eurozone economy, judging previous rises are doing enough to tackle inflation.

In a decision widely expected in financial markets, the ECB left its key policy rates unchanged for the first time in more than a year – halting a round of 10 previous increases in the cost of borrowing.