facebook
twitter
rss
account
search
search
 

European central banks keep rates intact

Jan. 12, 2012 at 12:20 PM   |   Comments

FRANKFURT, Germany, Jan. 12 (UPI) -- The European Central Bank and the Bank of England both left monetary policy unchanged Thursday, the banks said in separate announcements.

The ECB left its key interest rate at 1 percent, while the BOE maintained its 0.5 percent rate for overnight lending.

ECB President Mario Draghi said the 1 percent rate was left alone as data received in December "broadly confirms our previous assessment -- inflation is likely to stay above 2 percent for several months."

The eurozone economy, he said, shows "tentative signs of stabilization in activity at low levels."

He also said a recovery for the sluggish economy would be very gradual, due to "moderate global demand growth and weak business and consumer confidence in the euro area."

The BOE does not explain its monetary decisions until three weeks after their meetings with a release of meeting minutes.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
Brazil Air Force, Saab discuss Gripen procurement deal
3
The 'Home of the Whopper' to keep headquarters in U.S.
4
Abercrombie & Fitch axes logos after years of declining sales and bad press
5
Canadian media must broadcast official emergency notifications
Trending News
Video
x
Feedback