3-month Euribor set at 1,547%, highest since March 2009

The three-month Euribor was set at 1,547% (1,32% for one-month maturities), thus reaching the highest level since March 2009. The three-month interbank rate depends directly on the cost of money from the Central Bank European Union (ECB), which raised rates from 1% to 1,25% in April and is ready to implement an equal proportion tightening at next Thursday's meeting. Meanwhile, analysts expect on average just one further increase (by 25 basis points, up to 1,75%) for European rates by the end of the year, while a few months ago two were expected.