ECB, Bank of England Leave Interest Rates Unchanged

The European Central Bank decided on Thursday to hold its benchmark eurozone rate at the record low of 0.75% where it has been since July.

ECB President Mario Draghi says the region's economy shows no signs of a rebound that would justify hiking rates. But Draghi praises the "amazing" fiscal consolidation in the eurozone, which he says leaves it poised for slow but solid recovery.

High energy prices and tax increases are likely to keep inflation above the ECB's 2% target for the rest of this year, Draghi says. But the central bank expects inflation to ease in 2013.

The Bank of England also declared today that it would leave its key interest rate unchanged at a record-low 0.5%, where it has hovered since March 2009.

The central bank decided not to expand its 375 billion (€470 billion) stimulus program for purchasing government bonds. The U.K. economy emerged from recession in the quarter ended Sept. 30 by posting 1% growth.