ECB ‘will refrain from rate cut’

The ECB will refrain from reducing its interest rate again until at least 2015, according to economists surveyed since president Mario Draghi’s pledge last week to deliver another cut if needed.

The ECB will leave its main refinancing rate at a record-low 0.5% until the end of 2014, according to the median of 18 forecasts in the monthly Bloomberg survey of economists.

The survey shows that 27 of 32 economists predict no cut in the benchmark by the end of 2013, while five see a reduction to 0.25%.