ECB sticks to rate hike plan despite banking turmoil
The European Central Bank raised interest rates by 50 basis points on Thursday as promised to curb inflation, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilises.
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction: ECB sticks to rate hike plan despite banking turmoil

### Response: The European Central Bank raised interest rates by 50 basis points on Thursday as promised to curb inflation, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilises.