Good news for mortgage holders: no interest rate hike
Published 08/09/2011 | 08:29
The European Central Bank is today expected to abandon plans to increase interest rates over the coming months.
The 23-member governing council is to meet later today in Frankfurt and is expected to announce that interest rates will not be raised in the short term.
The ECB had planned to raise rates by 0.25% this autumn but weak economic data from Europe and the US has resulted in this policy being reviewed.
The council will also review the ECB's controversial initiative of buying Italian and Spanish government debt. The practice does not have unanimous support at the bank.