The European Central Bank (ECB) held its main refinancing rate at 0.25% today, despite forecasting that inflation would remain below target until the last quarter of 2016.
Mario Draghi, the ECB president, attributed the governing council's inaction to "positive" economic data. Annual HICP inflation remained steady at 0.8% in February, while the composite purchasing managers' index was at its strongest for two-and-a-half years.
Nonetheless the ECB still forecasts a "prolonged period" of low infla
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