European Central Bank keeps rates at 1pc
THE EUROPEAN Central Bank held its key interest rates steady, as expected, with the main rate staying at 1pc.
The move follows two cuts in a row and the decision was unanimous, ECB President Mario Draghi said.
He added that the bank will continue to support European banks throughout the debt crisis.
He welcomed the new fiscal compact designed to make Governments get their budgets in line as an “important contribution” but also warned that the wording of the new inter-governmental treaty would have to be effective and “unambiguous” for structural reform to be achieved by eurozone countries.