Interest rates held by ECB

<p>The ECB has held interest rates.</p>

The European Central Bank (ECB) has announced it is holding interest rates for the eighth month in a row today (March 7th).

It was revealed by the continent's central bank that rates will be held at 0.75 per cent for the next month.

Analysts had suggested that there could be a cut in interest rates by the ECB at its March meeting, but this speculation proved to be wide of the mark.

In a statement released by the ECB, its president Mario Draghi stated growth could return in 2014, though the forecast range was between zero per cent growth and two per cent.

Mr Draghi said the need to cut costs is going to hold back Europe's recovery, adding: "Necessary balance sheet adjustments in the public and private sectors will continue to weigh on economic activity."

The ECB president's recent indication that monetary stimulus packages are set to continue in the eurozone resulted in the Stoxx Europe 600 Index climbing towards the end of last month.

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