News2019.06.06 17:00

No change in interest rates, ECB chief says in Vilnius 2019.06.06 17:00

During the European Central Bank (ECB) council meeting, held for the first time in Vilnius, ECB chief Mario Draghi announced the interest rates will not change.

According to Draghi, interest rates will remain at 0.00, 0.25 and 0.40 percent until at least the first half of 2020, or as long as it is necessary to ensure a stable level of inflation at around 2 percent.

According to ECB forecasts issued in March, the EU’s Gross Domestic Product should grow 1.1 percent in 2019, 1.6 in 2020, and 1.5 in 2021.

Meanwhile, inflation this year should fall to 1.2 percent, followed by an increase to 1.5 in 2020, and 1.6 in 2021.

The ECB says economic growth in the last quarter of 2018 was sluggish.

ECB meetings are usually held in Frankfurt, but once a year it moves to another Eurozone state. It was the first time the ECB council met in Lithuania.

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