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ECB keeps rates steady

The Governing Council of the European Central Bank (ECB) has kept the eurozone’s interest rate unchanged at 1.5%.

The rate, which remained at a record low of 1% for over a year, has been increased twice this year to its present level of 1.5%.

The ECB is one of several major central banks to make the decision to leave rates unaltered today.

The Bank of England once again kept the United Kingdom’s rate unchanged at 0.5%, and the Bank of Japan left the ultra-low rates of its country unchanged as well.

However, Japan has added 10 trillion yen to its quantitative easing programme to help the country’s economy in the aftermath of the earthquake that struck it earlier this year.

The ECB has a particularly complicated and difficult challenge to meet, as the eurozone involves many countries with differing economic situations and varying fiscal positions.

The BBC has reported today that Commission President Jose Manuel Barroso has warned that the sovereign debt crisis of the eurozone is spreading from the periphery.

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