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Home News & Events BANKING LAW NEWS: No Change in Interest Rates announced by ECB

BANKING LAW NEWS: No Change in Interest Rates announced by ECB

Sunday, 20 July 2014 13:24

The European Central Bank [ECB], earlier this month, announced that its Governing Council decided that the interest rate on the main refinancing operations would remain at 0.15 % and the interest rates on the marginal lending facility as well as the deposit facility, would also remain unchanged at 0.40% and 0.30% respectively.

ECB President Mario Draghi has been quoted to have said that the relative decision on interest rate confirms that "the euro area economy continued its moderate recovery in the second quarter, with low rates inflation and subdued monetary and credit growth" commenting that "although labour markets have shown some further improvements, unemployment remains high in the euro area and, overall, unutilised capacity continues to be seizable."