ECB rate remains unchanged at 0.75%

ECB rate remains unchanged at 0.75%

The European Central Bank has left its key interest rate at its record low of 0.75% following their meeting today.

Speaking at the gathering of the bank’s 23 member governing council, ECB president Mario Draghi said the euro zone economy has shown signs of stabilising in recent weeks.

He admitted, however, that it remained short of a turning point and will only return to gradual growth later this year.

While a further rate would have encouraged further economic activity in the Eurozone, Draghi said that rates were already low enough to spur growth and would contribute to a gradual rebound.

The decision to leave rates unchanged was unanimous and will be a welcome boost to those on tracker mortgages, who are benefitting from the record low of 0.75%.

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