European Central Bank raises rates amid global energy shifts and Ukraine aid developments

The European Central Bank increased its key interest rate by 0.25 percentage points to 2.25% on June 11, marking its first hike since September 2023, in response to an energy shock. This was the first such move among G7 central banks. Concurrently, Ukraine's Cabinet of Ministers approved an updated Ukraine Facility plan, introducing 26 new steps focused on European Union integration to secure an additional €8.35 billion in EU support. From July 1, the Ukrainian government will also offer preferential loans at 0.1% for small and medium-sized businesses to restore property damaged by shelling, with financing up to 150 million UAH. These developments occur as the United States has become the world's largest oil exporter, surpassing Saudi Arabia and Russia. Separately, Elon Musk reportedly became the world's first dollar trillionaire following the initial public offering of his aerospace company, SpaceX. Sources: Forbes Ukraine, Українська правда