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European Central Bank keeps key interest rate on hold European Central Bank keeps key interest rate on hold
(35 minutes later)
The European Central Bank (ECB) has kept its main interest rate unchanged at zero for another month.The European Central Bank (ECB) has kept its main interest rate unchanged at zero for another month.
The decision by the eurozone central bank's 25-member governing council to leave its benchmark borrowing rate on hold had been expected.The decision by the eurozone central bank's 25-member governing council to leave its benchmark borrowing rate on hold had been expected.
It was also decided not to change the ECB's bond-buying stimulus scheme, which was extended last month amid worries about economic growth.It was also decided not to change the ECB's bond-buying stimulus scheme, which was extended last month amid worries about economic growth.
All eyes now turn to a press conference later by ECB chairman Mario Draghi.All eyes now turn to a press conference later by ECB chairman Mario Draghi.
With the eurozone still facing sluggish growth and worries about the Italian banking crisis, investors and analysts will be looking for signals about the health of the euro bloc. With the eurozone still facing sluggish growth and worries about the Italian banking crisis, investors and economists will be looking for signals about the health of the 19-nation euro bloc.
Last month, the ECB said it would extend its bond-buying until at least December 2017, but cut its purchases by €20bn a month.Last month, the ECB said it would extend its bond-buying until at least December 2017, but cut its purchases by €20bn a month.
The €80bn-a-month quantitative easing scheme had been due to end in March. In a move that surprised markets, the ECB said it would only buy bonds worth €60bn a month from April. The €80bn-a-month quantitative easing (QE) scheme had been due to end in March. In a move that surprised markets, the ECB said it would only buy bonds worth €60bn a month from April.
In a statement alongside Thursday's rate decision, the ECB repeated its standard forward guidance that it continues to expect its key interest rates to remain at present or lower levels for an extended period of time.
It also said the asset purchase scheme could be extended or increased if the economic outlook becomes weaker.
However, some of the most recent economic data has been positive, and a jump in inflation across the bloc has allayed fears the eurozone may slip into deflation.
But inflation is still just half of the bank's 2% target and analysts attributed the jump mostly to higher oil prices.
Mr Draghi will outline his thoughts on the eurozone's economy later. "We think that ECB President Mario Draghi will sound constructive, albeit dovish, downplaying inflation fears and putting to rest (premature) calls for a faster pace of QE reduction," UniCredit economists said in a client note.