Eurobank leaves key interest rate unchanged

The European Central Bank left interest rates unchanged today amid uncertainty over when the continent’s economy will get going again.

The decision by the bank’s 18 member governing council in Frankfurt left the key refinancing rate at 3.25%, where it has been since last November.

The rate underpins the cost of short-term credit to commercial banks and serves as a benchmark for rates in general.

Bank President Wim Duisenberg had sent clear signals that the bank was set in a wait-and-see stance, and most economists now do not expect a rate increase until next year.