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ECB's Draghi says rates to remain low into 2014

ECB's Draghi says rates to remain low into 2014
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There was no interest rate change from the European Central Bank – it stays at a record low 0.5 percent – as signs of a tentative eurozone recovery eased pressure on the bank’s policy makers to take new policy action.

ECB President Mario Draghi reiterated that future interest rates will remain at their present level or lower for an “extended period” of time, suggesting that will be at least into next year.

He said inflation expectations remained anchored and there were some signs of tentative growth.

“(Policy) thereby provides support to a gradual recovery in economic activity in the remaining part of the year and in 2014,” he said during a news conference.

Eurozone unemployment fell in June for the first time in more than two years and business and economic sentiment has recently risen.