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ECB Leaves Rates Unchanged

Draghi stakes his credibility on plan to buy bonds.

By Gabi Thesing, Bloomberg | Updated on September 06, 2012

The European Central Bank refrained from cutting interest rates today as President Mario Draghi prepares to unveil a bond-purchase plan to save the euro.

Policy makers meeting in Frankfurt left the benchmark rate at a record low of 0.75 percent, as predicted by 28 of 58 economists in a Bloomberg survey. The remainder forecast a quarter-point cut. Investors are focused on Draghi’s press conference at 2:30 p.m., when he may announce details of a plan to intervene in bond markets to help restore transmission of ECB interest rates.

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