ECB leaves the benchmark interest rate at a record low on weakening economy

© scanpix/Reuters

At a press conference in Frankfurt Mario Draghi, president of the European Central Bank, said the economy of eurozone would weaken in future, therefore the bank is ready to implement bond-purchase program as soon as the governments comply with necessary requirements. The policy makers decided to leave the benchmark interest rate at 0.75%.

Draghi announced the ECB may reconsider putting rate reductions, as the debt crisis threatens to injure Europe's largest economy.

"The risks surrounding the economic outlook remain on the downside..and underlying inflation pressures should remain moderate," he said.

The bank's intent to stabilize the policy transmission mechanism is disturbed by Spain's hesitation to request a bailout.