"We monitor all developments closely and we stand ready to act"
- Mario Draghi, ECB president
The European Central Bank has kept its key rate unchanged at 1 per cent on Wednesday, despite worsening economic outlook in Eurozone.
"We monitor all developments closely and we stand ready to act," Mario Draghi told reporters in a press conference after announcing the decision.
Draghi also warned that the ECB could not "fill the vacuum" created by politicians' inactivity.
"Draghi left the door wide open for a rate cut," said Tobias Blattner, an economist at Daiwa Capital Markets Europe in London. "But policy makers wanted to keep their powder dry until after the Greek elections and the independent assessment of the Spanish banking sector."
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