IMF head welcomes Europe’s interest rate hikes in campaign against inflation

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The head of the International Monetary Fund has praised the European Central Bank’s decision to raise interest rate for the eighth time in a row. Managing Director Kristalina Georgieva also endorsed the accompanying pledge by ECB head Christine Lagarde to keep tightening credit for as long as needed to bring down high inflation. The ECB is pressing ahead with rate hikes even as the U.S. Federal Reserve put its series of increases on pause to assess their effect on the economy. Georgieva said Europe’s economy had shown “remarkable resilience” in lining up new energy supplies after Russia cut off most natural gas deliveries.