European Central Bank leaves key interest rate at a record high

The European Central Bank has left the key interest rate at a record high of 4% (AP Photo/Michael Probst)

The European Central Bank (ECB) left its key interest rate untouched at a record high on Thursday, keeping credit expensive for businesses and consumers as it tries to make sure inflation is firmly under control before cutting borrowing costs — a move that is expected later this year.

The question is, how much later?