European Central Bank says rates will remain low for months
FRANKFURT — The European Central Bank is stressing that interest rates will stay low well into next year even as the U.S. Federal Reserve is expected to keep raising rates in coming months.
The central bank for the 19 countries that use the euro left its key rates and monetary stimulus settings unchanged at a meeting Thursday at its headquarters in Frankfurt, Germany.
ECB President head Mario Draghi was asked at a news conference about accusations by U.S. President Donald Trump that Europe is purposefully pushing its currency down with low interest rates to gain a trade advantage.
But Draghi said the ECB monetary stimulus efforts were simply a reflection that Europe and the United States economies had emerged from the financial crisis at different periods. The eurozone economy has not had as much time to strengthen and therefore needs lower rates.