Energy prices up 40.8%
Christine Lagarde said the bank's baseline scenario was subdued economic growth
The ECB's benchmark is now 1.25% for lending to banks, with more hikes on tap
Some of the major oil producing nations agreed to add 400,000 barrels per day in March. Brent crude was priced at US$90.09
Energy prices, up 28.6%, played a major role in record inflation for nations using euro currency, but ECB predicts it will fall to 1.8% in 2023 and 2024
Prices have recovered after a slide in late November when the new variant emerged
Work remains to reinforce the shared currency, finance ministers say
The BoE is the first central bank in a major economy to raise interest rates since the pandemic began
Meanwhile, central banks in other parts of the world look to dial back support
The deal aims to make sweeping changes to how big, multinational companies are taxed, deterring profit stashing