The European Central Bank on Thursday announced a further rate hike of 50 basis points, despite turmoil in banking stocks.

The ECB had signaled for several weeks that it would be raising rates again at its March meeting, as inflation across the 20-member region remains well-above targeted. In February, preliminary data pointed to a headline inflation of 8.5%, well above the central bank’s target of 2%.

Some market players questioned whether President Christine Lagarde would still go ahead with the move, given recent shocks in the banking sector. Credit Suisse shares tumbled by as much as 30% in Wednesday intraday trade, and the whole banking sector ended Wednesday’s session down by about 7%.