European Central Bank leaves interest rates at record low
The Euro sculpture stands in front of the European Central Bank ECB in Frankfurt, central Germany. (AP Photo/Michael Probst)
Published Wednesday, October 2, 2013 8:10AM EDT
Last Updated Wednesday, October 2, 2013 9:06AM EDT
PARIS -- European Central Bank head Mario Draghi is saying that the bank is ready to use "all available instruments" to keep market interest rates from rising and hurting a fledgling economic recovery.
He said the bank will "exclude no option" including a third round of cheap, long-term loans to banks.
The ECB took no action Wednesday.
Draghi spoke after the bank left its benchmark interest rate unchanged at a record low 0.5 per cent.
The U.S. Federal Reserve is considering scaling back its effort to keep bond market rates down. That has led to concerns market rates might rise in Europe despite the record low ECB benchmark. Europe's economy has just begun a recovery and still needs the support low borrowing costs provide.