The European Central Bank has decided to take no action this month, other than warning that Russia’s boycott of food items from the EU could harm the region’s economic recovery.
Interest rates are fixed just where they were last month, including the refinancing rate of 0.15% and other rates cuts introduced in June to stimulate growth.
Inflation in the eurozone is falling, giving rise by pressure being brought to bear on the ECB to take action to counter this trend.
The eurozone average in July was 0.4%. It has not been this low for nearly five years.
Analysts are waiting to see if ECB president Mario Draghi will introduce a quantitative easing programme.
This week, Italy fell back into recession for the third time in six years and German’s growth appears to be slowing.
