In the ongoing struggle between price stability and economic vitality, the European Central Bank raised its benchmark interest rate by a quarter point on Thursday, responding to inflation that energy costs have kept stubbornly elevated across the eurozone. The move reflects a central bank still willing to accept slower growth rather than surrender to persistent price pressures — a wager that restraint today will restore balance tomorrow. How households, businesses, and markets absorb the added cost of borrowing will shape the eurozone's economic story in the months ahead.