ECB holds key rates steady

The European Central Bank (ECB) has on Thursday left key rates unchanged following the December policy meeting. With this decision, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility are held steady at 4.50 percent, 4.75 percent, and 4.00 percent, respectively.

ECB reiterated in a statement that future decisions shall ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary.

“The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner.” the statement read.

“Based on its current assessment, the Governing Council considers that the key ECB interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal. The Governing Council’s future decisions will ensure that its policy rates will be set at sufficiently restrictive levels for as long as necessary.”