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Eurozone Central Bank Leaves Rates Unchanged

FRANKFURT, Germany (UPI) — The European Central Bank left its monetary policy unchanged Wednesday, citing support it was providing to a gradual recovery.

After six quarters of contraction, the economy is moving toward a nascent recovery supported by current monetary positions at the central bank for the eurozone currency region, bank President Mario Draghi said at a news event Wednesday.

“Real gross domestic product growth in the second quarter was positive,” Draghi said, adding that “confidence indicators up to September confirm the expected gradual improvement in economic activity from low levels.”

“Our monetary policy stance continues to be geared towards maintaining the degree of monetary accommodation warranted by the outlook for price stability and promoting stable market conditions,” he said.

Inflation expectations continue to be “subdued,” Draghi said, adding that policymakers at the bank, “expects the key ECB interest rates to remain at present or lower levels for an extended period of time.”

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