ECB leaves main interest rate unchanged
The European Central Bank has left its benchmark interest rate unchanged as it pushes eurozone governments to take stronger action to tackle their debt crisis.
The decision by the bank’s 23-member governing council left the refinancing rate at a record low 1%.
The bank is under pressure to stimulate a weakening eurozone economy with a rate cut. But bank president Mario Draghi has said the central bank cannot make up for inaction by governments.
Analysts said the bank is now likely to see what European leaders can come up with at a June 28-29 summit.
This could include moves towards stronger oversight of banks, help for Spain and its troubled banks, or proposals for more growth or shared government borrowing.
