Europe’s lenders have endured a painful decade waiting for interest rates to rise.
But just as central banks finally start to move, the long-awaited earnings windfall is being threatened by looming recession and fears that cash-strapped governments might hit lenders with new taxes.
Last week, the European Central Bank raised interest rates for the first increase since September 2011, by half a percentage point to zero. That followed more aggressive hikes at the Federal Reserve and the Bank of England in attempts to control inflation that is forecast to soon break into double digits.
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