ECB moves step closer to another rate cut

As expected, the ECB left its interest rate policy unchanged at last week’s meeting of the governing council.

The main refinancing rate remains at 0.25%, while the deposit rate was left unchanged at 0%.

As in March, ECB president Mario Draghi justified the decision by stating that its baseline economic scenario was developing in line with its expectations for a moderate recovery, together with a prolonged period of low inflation.