European Central Bank will not hike rates ‘until 2019’

The European Central Bank (ECB), led by Mario Draghi, has taken a tiny step closer to reversing support for financial markets, but interest rates will stay low for at least another two years, experts predicted.

After a meeting of its governing council in Estonia, the bank ruled out further interest-rate cuts in a sign it’s moving closer to an exit from its stimulus programme.

The governing council said it now expects borrowing costs to stay at present levels for an extended period but said it stood ready to increase the size or duration of its huge bond-buying programme if the eurozone deteriorates.