ECB leaves rates on hold

The European Central Bank decided on Thursday to leave rates on hold. The cost of borrowing in the euro area is at record low after two rate cuts in recent months.

This decision was anticipated following recent cuts to avoid a possible credit crisis in the euro area economy.

The ECB announcement is as follows:

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively.