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Published On: Thu, Aug 7th, 2014

The ECB keep rates unchanged and promise policy accommodation for an extended period

ECB’s Mario Draghi cites uneven economic recovery and heightened downside risks for euro zone economies keeping interest rates at record low

ECB’s Mario Draghi cites uneven economic recovery and heightened downside risks for euro zone economies keeping interest rates at record low

As widely expected, the European Central Bank kept its main interest rate unchanged at 0.15 percent and pledged to keep it at low level for an extended period of time. The ECB President Mario Draghi stated that this monetary policy stance is warranted by the uneven economic recovery and the subdued inflation outlook for the euro zone.

It was pointed out at the central bank’s press conference that the economic outlook for European countries is encompassed by a number of risks including: negative developments in emerging market economies; geopolitical tensions; the softer economic numbers coming out of countries from Italy to Germany. All these and other factors have lead to the governing council’s unanimous commitment to utilizing unconventional measures should the developments warrant that.

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