ECB leaves key interest rates unchanged

The European Central Bank has left its key interest rate unchanged at a record low of 1%, in line with analysts' expectations.

"At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively," an ECB statement said.

ECB President Mario Draghi said eurozone inflation was likely to stay above 2% in 2012.

"Over the policy-relevant horizon, we expect price developments to remain in line with price stability," Draghi told a press conferecne.

"Consistent with this picture, the underlying pace of monetary expansion remains subdued.

"Survey indicators for economic growth have broadly stabilised at low levels in the early months of 2012, and a moderate recovery in activity is expected in the course of the year."