ECB hiked interest rates by an additional 50 basis points, maintaining its commitment to containing high inflation in spite of recent evidence that prices may be soaring in the Eurozone.

Inflation is still "far too high," according to Christine Lagarde, president of ECB, who also stated that the institution will consider continuing with its trajectory in ithe urrent cycle of tightening monetary policy.

These worries have been partially allayed this week by the released economic figures. According to statistics from the European Union, price inflation in the Eurozone slowed down more than anticipated in January as a mild winter helped to moderate monthly increases in energy prices.

In general, the economy of the bloc has manifested to be resistant to the strains brought on by increasing the interest rate. Contrary to predictions that the hefty rate increases the ECB would implement in 2022 will precipitate a severe recession in the short term, the Eurozone unexpectedly expanded in the fourth quarter.