Europe's Central Bank Backs Larger-than-expected Rate Hike

FRANKFURT, Germany - The European Central Bank raised interest rates Thursday for the first time in 11 years by a larger-than-expected amount, joining steps already taken by the U.S. Federal Reserve and other major central banks to target stubbornly high inflation.

The move raises new questions about whether the rush to make credit more expensive will plunge major economies into recession at the cost of easing pr