The European Central Bank remains vague on when interest rates will come down

"The Governing Council’s future decisions will ensure that its policy rates will be set at sufficiently restrictive levels for as long as necessary," the ECB said. 

President of European Central Bank Christine Lagarde. Pic: AP Photo/Michael Probst, File

The European Central Bank gave no clear indication on when it will cut interest rates after it introduced successive hikes to drive down inflation. 

It said it is determined to ensure that inflation returns to its 2% medium-term target "in a timely manner."