European Central Bank keeps interest rates unchanged
ECB president Mario Draghi stated that the central bank wants to gauge the effects of the quantitative easing program that the central bank began in March before making its next move. Previously, the central bank announced a program to purchase €60 billion worth of public and private bonds per month starting from March and extending to September 2016, with the total value of the stimulus measures set to exceed €1 trillion.
Some economists commented that the recent stimulus program has already had a noticeable effect on eurozone growth.
Meanwhile, inflation in the eurozone fell 0.1% on the year in March. The ECB expects inflation to be stable this year before increasing to 1.5% in 2016 and 1.8% in 2017.
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