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ECB holds rates despite worst EU zone GDP data

ECB holds rates despite worst EU zone GDP data

The ECB opted to keep its main interest rates unchanged on Thursday, as the euro zone faces a deep economic crisis. GDP data revealed the European economy contracted 3.8% in Q1 owing to Covid 19 pandemic, the lowest since records began in 1995. Hence the ECB has deployed a massive stimulus package, purchasing govt bonds as part of 750bn EU and reduced costs for commercial banks to support lending.

Milan
Milan
Top in Business