ECB breaks record streak of rate hikes as economy weakens
© Reuters. FILE PHOTO: A view shows the logo of the European Central Bank outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo
The central bank for the 20 countries that use the euro left the rate it pays on deposits at a record-high 4.0%, reaffirming that the current level of borrowing costs may just be enough to tame inflation if kept there"sufficiently long". Caught out by a surprise surge in prices, the ECB has spent over a year raising borrowing costs and discontinuing stimulus measures deployed over a decade of sluggish inflation, such as massive bond purchases and cheap funding for banks.
On Thursday, the ECB repeated it would keep topping up the 1.7-trillion-euro pile of bonds bought under its Pandemic Emergency Purchase Programme until the end of next year.
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