The European Central Bank (ECB) decided Thursday to keep interest rates unchanged as the region attempts to fight off the threat of deflation.
German news agency DPA reported today that President of the ECB Mario Draghi said that the bank will keep the interest rates at their current low levels for an extended period of time. He added that the ECB could start a quantitative-easing program if inflation levels remain low for a long period of time.
He added that loans will be available for individual banks or for groups of financial institutions. They'll be able to borrow up to 7% of their total lending to the non-financial sector.
The ECB kept rates at 0.15%