At today’s meeting the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.50%, 2.25% and 0.75% respectively.
The ECB has also cut its growth forecasts for the eurozone economy. Expansion is now expected at 1.6% this year and in 2012 its expected to be 1.3%. The previous predictions for the growth of the economy had been 1.7% for 2011 and 1.9% for 22012.
The Bank of England’s monetary policy committee also kept interest rates the same so, for the 30th consecutive month, voted to keep rates at a record low of 0.5%.