European Central Bank holds interest rates steady at record low
Following the rate announcement, ECB president Mario Draghi stated in a news conference that slowing growth in China and other large developing economies as well as weak commodity prices put downward pressure on both economic growth and inflation.
Draghi also signaled that they are preparing to expand their €60 billion ($68.12 billion) per month bond-buying program and may even cut their already negative deposit rate, adding that policy makers may review stimulus measures when they next meet in December.
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