FRANKFURT—The European Central Bank laid out plans to increase interest rates for the first time in more than a decade, joining many of its peers in raising borrowing costs to tackle persistent inflation that is spreading far beyond the U.S.
In an unusually detailed statement, the ECB said it intends to raise its key rate by a quarter percentage point at its next policy meeting in July, and to increase it again in September, possibly by more than 0.25 percentage point. It said it would end its large-scale bond-buying program on July 1.
