At the end of its monetary policy meeting in Frankfurt on Thursday 18 July, the Governing Council of the European Central Bank (ECB) cautiously decided to keep its three key rates unchanged since the first 25 basis points reduction in June (see EUROPE B13425A1).
The interest rate on the main refinancing operations therefore remains at 4.25%, the interest rates on the marginal lending facility at 4.50% and the deposit facility at 3.75%.
According to ECB President Christine Lagarde, this...