European Central Bank leaves key interest rate at 3.75%

President of the European Central Bank Christine Lagarde (Michael Probst/AP)

The European Central Bank left its key interest rate benchmark unchanged on Thursday as its rate-setting council and president Christine Lagarde take their time to make sure inflation is under control before lowering rates again.

The decision leaves the deposit rate at 3.75%, where it has stood after a single quarter-point cut rate at the previous meeting on June 6.