ECB commits to keep interest rates down

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The European Central Bank (ECB) has pledged to keep its benchmark interest rate at or below 0.5% for an "extended period of time", breaking its vow to never "pre-commit" monetary policy.

The guidance, it said, is based on the "overall subdued outlook for inflation extending into the medium term, the broad-based weakness in the real economy and subdued monetary dynamics".

Mario Draghi, delivering his monthly press conference, said the statement was an "unprecedented step" and its effect was to "i

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