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ECB Holds Interest Rates Steady
The European Central Bank, which in June dropped its benchmark lending rate to 0.15% from 0.25%, has extended the lower rate.
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The European Central Bank, which in June dropped its benchmark lending rate to 0.15% from 0.25%, has extended the lower rate.
The bank says it will keep rates low for an "extended" period because of the eurozone's fragile economic recovery.
Economists continue to worry that the region's ultra-low inflation rate, which fell to 0.4% in July, could slip into a damaging period of deflation. The ECB targets an inflation rate of about 2%.
The central bank predicts a continuing "moderate and uneven" recovery for the eurozone. It cautions that geopolitical risks in Ukraine and Russia pose a greater economic impact on the eurozone than other parts of the world.
To help keep eurozone expansion on track, the ECB is offering low-rate long-term loans to banks. It also continues as the first major central bank to offer negative interest rates (-0.1%) to its bank depositors.
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