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ECB holds eurozone interest rates amid growth worries ECB holds eurozone interest rates amid growth worries
(about 1 hour later)
The European Central Bank has has kept its benchmark interest rate on hold at 0.15% for another month. The European Central Bank has kept its benchmark interest rate at 0.15%.
After announcing measures in June to kick-start flagging eurozone economic growth, the ECB is thought to be keen to give them more time to work. After announcing measures in June to kick-start eurozone growth, the ECB says it will now keep rates low "for an extended period of time in view of the current outlook for inflation".
At a news conference later on Thursday, ECB president Mario Draghi will outline the central bank's latest assessment of the eurozone's health. And ECB president Mario Draghi warned there would be a "continued moderate and uneven recovery" in the eurozone.
The impact of the Ukraine crisis on the eurozone is likely to be on the agenda. On Ukraine, he said it would closely monitor the effects of "geopolitical risks" on the modest economic recovery.
The ECB cut its benchmark rate from 0.25% to 0.15% in June, and also became the first major central bank to introduce negative interest rates.The ECB cut its benchmark rate from 0.25% to 0.15% in June, and also became the first major central bank to introduce negative interest rates.
The deposit rate for banks depositing money with the ECB went from zero to -0.1%. The aim was to encourage banks to lend to businesses rather than hold on to money.The deposit rate for banks depositing money with the ECB went from zero to -0.1%. The aim was to encourage banks to lend to businesses rather than hold on to money.
The ECB also announced in June that long-term loans were to be offered to banks at cheap rates until 2018 in another attempt to boost banks' lending to companies.The ECB also announced in June that long-term loans were to be offered to banks at cheap rates until 2018 in another attempt to boost banks' lending to companies.
With Italy now officially back in the recession, and France's President Francois Hollande warning about a "real deflationary risk" in Europe, the ECB is under pressure to ensure the eurozone's slowdown does not become entrenched.With Italy now officially back in the recession, and France's President Francois Hollande warning about a "real deflationary risk" in Europe, the ECB is under pressure to ensure the eurozone's slowdown does not become entrenched.
The latest eurozone inflation figures showed the inflation rate for the bloc dropped to 0.4% in July. That was the lowest rate since October 2009 and well below the ECB's target of close to 2%.The latest eurozone inflation figures showed the inflation rate for the bloc dropped to 0.4% in July. That was the lowest rate since October 2009 and well below the ECB's target of close to 2%.