ECB leaves interest rates unchanged

GERMANY - The European Central Bank (ECB) left eurozone interest rates unchanged, despite evidence of an economic slowdown.

The bank's key refinancing rate remains at 4.5%, a level it has held since May.

Pressure for a rate cut eased after data released yesterday, 18 July, showed June inflation dropping to 3%, from an eight-year high of 3.4% in May.

But European officials cautioned against over-optimism, saying that more evidence was needed to confirm inflation had now peaked.

"One swallow doesn't

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