ECB vows to delay interest rate rise

European Central Bank President Mario Draghi has committed to stalling interest rate hikes amid fears of a global economic slowdown

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The European Central Bank will delay its first interest rate hike since the 2008 financial crisis "at least through the first half of 2020", said its president, Mario Draghi.

The previous policy was for rates to stay steady until the end of 2019, but Draghi went further, indicating the bank was ready to “use all the instruments that are in the toolbox”, opening the door to a new surge of monetary support before his term ends in October, including a new round of bond purchases and further cuts to ECB’s already record-low interest rates.

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William Gritten

William Gritten is a London-born, New York-based strategist and writer focusing on politics and international affairs.