ECB keeps interest rates Unchanged

The European Central Bank kept its monetary policy unchanged today with the launch of a broad review of its inflation target strategy and tools, and it also reaffirmed its pledge to keep interest rates at a minimum or even reduce them with the purchase of bonds worth 20 billion euros per month.

The European Central Bank decided to keep the interest rate on bank deposits overnight still at a record low level of -0.50% and the main refinancing rate remained unchanged at 0.00% as well as the marginal lending facility rate at 0.25%.

The Board expects that the ECB's main interest rates will remain at current or lower levels until it sees that inflation expectations are closely converging to a level close enough but less than 2% within its forecast horizon.