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

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