ECB on hold as it sizes up fallout from Brexit

The European Central Bank is expected to announce Thursday that it has decided against any changes to monetary policy as it faces up a fragile global political and economic outlook triggered in part by Britain's decision to exit the European Union.

Indeed, the ECB's 25-head governing council has to consider a packed agenda including last month's Brexit vote, Italy's troubled banks, as well as any economic fallout for the 19-member eurozone from the terrorist threat and the failed coup in Turkey.

The ECB's benchmark refinancing rate has been on hold at zero since March when the Frankfurt-based bank cut borrowing costs as part of a fresh stimulus plan aimed at firing up growth in the currency bloc and boosting inflationary pressures.

Analysts are also not expecting any new moves from the ECB until September when it releases its latest economic growth and inflation forecasts.

Last update: Thu, 21/07/2016 - 11:22

More from Europe

Armed robbery at Paris travel agency ends without casualties

An armed robbery on Friday at a Paris travel agency has ended without casualties.

Iceland president asks Pirate Party to attempt to form government

Iceland's president on Friday gave the leader of the anti-establishment Pirate Party the task of forming the next...

Italy referendum campaign ends amid claims of postal vote fraud

Italy's political leaders entered their final hours of campaigning on Friday in a constitutional referendum whose...

Gate stolen from former Nazi concentration camp "found" in Norway

German police are investigating whether a gate bearing the sign "Arbeit macht frei" (work sets you free) that was...

Germany pledges additional 50 million euros in aid as Aleppo crumbles

German Foreign Minister Frank-Walter Steinmeier pledged 50 million euros (53.2 million dollars) in aid to the war-...