ECB keeps key rate at record low 1%
Source: Agencies |
June 7, 2012, Thursday
|
Print Edition
Print Edition
THE European Central Bank yesterday left its key interest rate flat as it increases the pressure on eurozone governments to tackle the debt crisis that threatens the global economy.
The decision by its 23-member governing council left the refinancing rate at a record low 1 percent.
The ECB is under pressure to stimulate a weakening eurozone economy with a rate cut. But bank President Mario Draghi has said the central bank cannot make up for inaction by governments.
Draghi told European politicians in Brussels last week that the euro's basic setup is "unsustainable" and urged them to draft a long-term vision for strengthening the framework of the shared currency.
The decision by its 23-member governing council left the refinancing rate at a record low 1 percent.
The ECB is under pressure to stimulate a weakening eurozone economy with a rate cut. But bank President Mario Draghi has said the central bank cannot make up for inaction by governments.
Draghi told European politicians in Brussels last week that the euro's basic setup is "unsustainable" and urged them to draft a long-term vision for strengthening the framework of the shared currency.
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