ECB Holds Interest Rates Low As Recession Lingers

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The European Central Bank announced that it would keep its keep rates low, in the face of one of the worst recessions in the region’s history. GDP is falling in most countries. Unemployment in the Euro ares stands at 12.5%–a record. And, that rate is much higher in crippled nations which include Spain, and among people under 25.

The ECB announced:

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50%, 1.00% and 0.00% respectively.

ECB President Mario Draghi said, in a press conference that risks to the area’s economy remain that GDP could contract further, and that the ECB will do what is necessary to aid the region as its troubles persist