The ECB's decision to raise the interest rate on its marginal lending facility may have an indirect impact on the Vanguard FTSE Europe ETF (VGK), as it tracks the performance of European stocks. Higher interest rates can lead to tighter credit conditions, which may affect the performance of European companies and, in turn, the ETF. However, the overall impact on VGK will depend on various factors, including the market's reaction to the rate hike and the performance of individual companies within the ETF.