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ECB leaves lending rate unchanged

Jan. 10, 2013 at 1:39 PM
FRANKFURT, Germany, Jan. 10 (UPI) -- The European Central Bank announced it would keep its lending rate unchanged at 0.75 percent, as the economy in the eurozone remained in a slump.

At a press conference in Frankfurt, Germany, Thursday ECB President Mario Draghi said, "inflationary pressures remain contained ... the underlying pace of monetary expansion continues to be subdued."

Draghi said the eurozone's gross domestic product fell 0.2 percent from the first quarter to the second in 2012 and dropped 0.1 percent going into the third quarter. "Available statistics and survey indicators continue to signal further weakness in activity, which is expected to extend into this year," he said.

The ECB expects a "gradual recovery," that is expected to start by the end of the year, he said.

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