ECB keeps interest rates steady amid eurozone recession fears:
Widely expected decision by European Central Bank follows 10 consecutive rises in borrowing costs
theguardian.com/business/2023/oct/26/ecb-keeps-interest-rates-steady-eurozone-recession-fears
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ECB pauses rate increases amid eurozone recession fearsThe 26 October decision pauses ten consecutive increases for now, leaving the deposit rate at 4%.
Key FactsOct 26, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: theguardian.com
Summary created with AI assistance · Source: theguardian.com
- The deposit rate stayed at 4%, while the main refinancing and marginal lending rates remained at 4.5% and 4.75%.
- Eurozone inflation fell to 4.3% in September but remained above the ECB’s 2% target.
- ECB President Christine Lagarde said the economy would probably remain weak through year-end, then strengthen in coming years.
- Surveys showed German private-sector activity contracted for a fourth consecutive month in October, suggesting the country may already have entered recession.
This may result in firms and households becoming less confident and more uncertain about the future, and dampen growth further.— Christine Lagarde, ECB president, after the decision in Athens
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