ECB holds interest rates again

<p>The ECB has confirmed interest rates are to be held again.</p>

The European Central Bank (ECB) confirmed yesterday (July 5th) that it is set to hold interest rates across the continent at their current level for another month.

It was revealed that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility are going to remain unchanged at 0.5 per cent, one per cent and zero per cent respectively.

Commenting on the announcement, leader of the ECB Mario Draghi stated that low interest rates are going to be a reality for Europe for some time to come.

The European Commission recently admitted it is concerned about the ongoing political instability in Portugal, with the body fearing the government in the nation could collapse.

Also this week, the Bank of England's Monetary Policy Committee has held interest rates at a record low for the UK of 0.5 per cent. This is despite the fact Sir Mervyn King has been replaced as governor of the Bank by Mark Carney this week.

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