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The European Central Bank has hiked interest rates by a quarter of a percentage point to 4% today. That's the highest level since the launch of the euro currency in 1999. Officials say interest rates need to go higher in order to tame inflation.

(Picture: Europe fiat money or euro currency concept : Closeup view of an old / used two euro coin with grooves and scratches. Euro is official currency of eurozone used by central bank and institutions in EU. Picture credit: Getty Images)