The European Central Bank tried to avoid indicating future actions when discussing a rate hike last month, learning from the lessons of 2011.

According to the summary of the meeting on June 10-11, decision makers compared the current situation with that of 2011. At that time, decision makers had raised interest rates twice, before shifting course in the second half of the year. "The lesson from 2011 is not that the governing council should never raise rates when facing financial stability risks, but that they should avoid making advance commitments on future policy decisions," officials said. "Raising rates by 25 basis points at this meeting, while continuing to monitor financial stability risks and maintaining the practice of relying on data and making decisions at successive meetings, is seen as in line with these lessons." This rate hike is the first by the European Central Bank since 2023, making it the first among the G7 economies to take action.