Eurozone Monetary Policy


ECB keeps rates on hold for fifth consecutive month

At its meeting on 3 May, the European Central Bank (ECB) kept the refinancing rate unchanged at 1.00%. The decision, which matched market expectations, represents the fifth consecutive month in which European monetary authorities have left rates unchanged. At its current level, the refinancing rate sits at the record low where it stayed for almost two years until the start of a tightening cycle at the beginning of 2011. In the accompanying statement, monetary authorities noted that recent economic indicators point to a

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