The Governing Council of the European Central Bank (ECB) has decided to leave the eurozone’s interest rate unchanged at 0.5%.
The decision was widely expected, as the interest rate for the single currency has moved very little since it was reduced to a then record low of 1% during the financial crisis.
The Monetary Policy Committee (MPC) of the Bank of England, which also has interest rates at a record low of 0.5% and has not changed rates for the last few years, will decide upon the United Kingdom’s interest rate this coming Thursday.
It is widely anticipated that the interest rate will remain unchanged, particularly as Governor Mark Carney has indicated it is likely to increase only when unemployment falls below 7%.
