Draghi signals action as ECB leaves interest rates unchanged

UPDATE: The European Central Bank has left its interest rates unchanged but Mario Draghi indicated that a rate cut had been discussed today.

2nd August, 2012
ECB headquarters in Frankfurt.

The European Central Bank has left its interest rates unchanged, including its benchmark 0.75 per cent interest rate.

ECB president Mario Draghi indicated in a follow up press conference that the ECB had discussed a possible interest rate cut today but decided against it.

Draghi said that the ECB "may take measures to ensure policy transmission." The governing council may undertake "outright open market operations" and will design modalities over the coming weeks. Any ECB bond...

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