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ECB Leaves Rates Unchanged

Central bank refrains from action despite clamor for further stimulus.

By Jeff Black, Bloomberg | Updated on August 02, 2012

The European Central Bank refrained from cutting interest rates as President Mario Draghi faces pressure to reduce bond yields to protect the euro.

Policy makers meeting in Frankfurt today left the benchmark rate at a record low of 0.75 percent, as predicted by 51 of 55 economists in a Bloomberg News survey. Four predicted a cut to 0.50 percent. The deposit rate was held at zero. Draghi holds a press conference at 2:30 p.m. in Frankfurt.

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