Draghi vows to keep ECB rates low

European Central Bank President Mario Draghi has underlined the bank’s determination to stick with stimulus for the struggling eurozone, saying the bank will keep its benchmark interest rate the same or lower “for an extended period of time.”

The statement followed a meeting of the bank’s rate council which left the refinancing rate for the 17 European Union countries that use the euro unchanged at 0.5%. Mr Draghi said the decision followed “an extensive discussion” of a potential rate cut.