"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. Incoming information continues to indicate that the moderate recovery of the euro area economy is proceeding in line with our previous assessment," ECB chief
The interest rate on the ECB's deposit facility remains at 0 percent.
"Recent information remains consistent with our expectation of a prolonged period of low inflation followed by only a gradual upward movement in HICP inflation rates," Draghi said.
The majority of analysts expected no change in policy from the ECB at this meeting.
Deflation has become a concern in the Eurozone, which saw the year-on-year inflation rate tick up two-tenths of a percentage point to 0.70 percent in April.
"According to Eurostat's flash estimate, euro area annual HICP inflation was 0.7 percent in
Draghi has not responded to warnings from the
Central banks around the world have been pumping liquidity into their economies in an effort to ramp up growth in the wake of the worst economic downturn since the Great Depression.
The Bank of
The U.S. Federal Reserve has kept short-term interest rates near zero and implemented an aggressive monetary stimulus program pegged to unemployment and inflation targets. EFE
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