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"According to some recent survey indicators, there are tentative signs of stabilization of economic activity at low levels"
- Mario Draghi, the ECB president
The European Central Bank kept its benchmark rate at record low of 1 per cent on Thursday, a move widely expected by economists, and noted a "significant, if not substantial," decrease in interest rates across markets.
"According to some recent survey indicators, there are tentative signs of stabilization of economic activity at low levels. The economic outlook remains subject to high uncertainty and substantial downside risks," said the ECB President Mario Draghi at a press conference after the ECB Governing Council's regular monthly policy meeting.
"With the main interest rate at 1% and the enormous liquidity measures, the ECB remains ahead of the curve and still has room to react if need be. No doubt, the ECB will not hesitate to use it," said Carsten Brzeski, economist at ING Bank in Brussels.