ECB and BOE leave interest rates as is

Feb. 9, 2012 at 12:35 PM

FRANKFURT, Germany, Feb. 9 (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.

At a press conference in Frankfurt, Germany, ECB President Mario Draghi said, "The underlying pace of monetary expansion remains subdued."

He said stable interest rates "ensure a firm anchoring of inflation expectations in line with our aim of maintaining inflation rates below, but close to 2 percent of the medium term."

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

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

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