World

Wednesday 23 July 2014

ECB leaves interest rates unchanged, as expected

Thomas Molloy

Published 08/05/2014|14:00

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The President of the European Central Bank, Mario Draghi
The President of the European Central Bank, Mario Draghi

The European Central Bank left interest rates unchanged today.

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The move was widely expected and will delight those with savings. It will disappoint those with tracker mortgages.

The ECB seems to be waiting for updated forecasts from its staff in June before deciding whether to take fresh action to counter low inflation across the euro zone.

ECB boss Mario Draghi signaled that officals are willing to wait before embarking on any new policy departure. Mr Draghi gave no immediate sign in his press conference that further steps such as quantitative easing are imminent, repeating his matra that policy makers stand ready to act should it be necessary, he said.

“The Governing Council is unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation,” Mr Draghi told reporters in Brussels.

Last month, Mr Draghi raised the prospect of the most radical policy departure in the ECB’s history when he said that the risk of deflation and money market tensions could prompt the ECB to effectively start printing money.

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