ECB raises rates by unprecedented 75 bps

STORY: The ECB raised its benchmark deposit rate by 50 basis points to zero percent, breaking its own guidance for a 25 basis point move as it joined global peers in jacking up borrowing costs. It was the ECB's first rate increase in 11 years.

Policymakers also agreed to provide extra help for the 19-country currency bloc's more indebted nations - Italy among them - with a new bond purchase scheme intended to cap the rise in their borrowing costs and so limit financial fragmentation.