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ECB holds rates as expected
Thursday, 3rd May 2012 12.54pm

The European Central Bank held its main interest rate at 1.0 percent today as stubborn inflation offset pressure to loosen borrowing costs further to support the weak euro zone economy.

The ECB also said the interest rate on its deposit facility would remain at 0.25 percent, and the rate on the marginal lending facility would stay at 1.75 percent.

ECB President Mario Draghi will explain the Governing Council's decision at a 1230 GMT news conference.

Markets are looking for any hints on how long the ECB is planning to keep its wait-and-see stance on interest rates and how worried the 17-country bloc's central bank is about weak recent economic data.

They also expect Draghi to be asked to give more details on his suggestion that the euro zone craft a growth agreement, or compact. (C ) Reuters

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