FILE - A man walks past the Euro sculpture in Frankfurt, Germany, March 11, 2021. The European Central Bank is behind the U.S. Federal Reserve and other central banks around the world in combating surging inflation. It’s looking to catch up as it raises interest rates for the first time in 11 years Thursday July 21, 2022, but it also faces a more serious threat of recession than other places amid an energy crisis provoked by Russia’s war in Ukraine. (AP Photo/Michael Probst, File)