STORY: ECB leaves interest rates unchanged
SHOOTING TIME: April 11, 2024
DATELINE: April 12, 2024
LENGTH: 00:01:53
LOCATION: FRANKFURT, Germany
CATEGORY: ECONOMY

SHOTLIST:
1. various of the European Central Bank
2. various of the EBC press conference 
3. SOUNDBITE (English): CHRISTINE LAGARDE, ECB President
4. various of the European Central Bank

STORYLINE:

The European Central Bank (ECB) on Thursday decided to leave key interest rates unchanged after its regular rate-setting meeting in Frankfurt, Germany.
   
The three key interest rates are still hovering at historically high levels. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility remain unchanged at 4.5 percent, 4.75 percent and 4 percent respectively, the ECB announced in a statement.

SOUNDBITE (English): CHRISTINE LAGARDE, ECB President
"So in conclusion, the governing council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation returns to our 2 percent medium-term target in a timely manner. We consider that the key ECB interest rates are at levels that are making a substantial contribution to the ongoing disinflation process. Our future decisions will ensure that our policy rates will stay sufficiently restrictive for as long as necessary."

Inflation in the euro came down to 2.4 percent in March from 2.6 percent in February, according to the flash estimates from the statistical office of the European Union (EU).

The inflation is edging closer towards the target of the ECB, which is mandated to keep inflation below but close to 2 percent in the medium term.
   
All eyes are on the ECB as to when it will make its first rate cut in a bid to normalize its monetary policy after an aggressive rate-hiking cycle, during which key interest rates were lifted by a total of 450 basis points in just over a year.

Xinhua News Agency correspondents reporting from Frankfurt, Germany.
(XHTV)