ECB holds rates despite continued disinflation


The European Central Bank held its main refinancing rate at 0.25% and disappointed observers by eschewing all other policy instruments today, as last month's drop in inflation failed to elicit a response from the governing council.

Annual HICP inflation dropped to 0.7% in January, from 0.8% in December, as energy prices fell across the eurozone. Mario Draghi, the ECB president, says the rate was "lower than expected" but maintains that "both upside and downside risks to the outlook for price

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