The European Central Bank’s rate-setting council will hold an unscheduled meeting Wednesday “to discuss market conditions,” with borrowing costs for several countries having increased after the bank said it would raise interest rates — bringing back bad memories of the European debt crisis from over a decade ago.
The bank last week announced the hikes in July and September without specifying how it would protect countries sharing the euro currency if borrowing costs rose excessively — as they did during the 2010-2012 debt crisis. That’s a potential concern for heavily indebted governments, notably Italy.
