ECB keeps rates at 1%

by Richard Kilner

Story link: ECB keeps rates at 1%

The European Central Bank (ECB) has announced that it is keeping the eurozone interest rate at 1%.

The decision comes on the same day that the Bank of England chose to keep UK rates at 0.5%, the lowest in history, marking a full year of no changes in the United Kingdom.

The ECB has held rates steady since May 2009, though more recently the euro has been making headlines due to the extreme plight of the Greek economy.

Many central banks have held onto the low interest rates that occurred when countries slashed rates to help stave off and mitigate the effects of the global recession.

In the United Kingdom further measures were taken with the introduction of the £200bn quantitative easing asset purchase scheme which was not increased in size today.