European Central Bank (ECB) President Mario Draghi speaks during a news conference at the ECB headquarters in Frankfurt, Germany, April 21, 2016. REUTERS/Ralph Orlowski
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ECB President Mario Draghi kept borrowing costs at rock bottom levels Thursday, sticking to his course of ultra-loose monetary policy in spite of a barrage of German criticism of his recipe for tackling the eurozone's economic malaise.Ahead a press conference at 12:30 GMT, the ECB announced that it would keep its main refinancing operations rate – setting the price for banks to borrow – at zero while it will continue to charge them 0.4 percent for parking money at the ECB.Draghi may justify that by referring to flagging inflation, which the ECB uses as a guide to economic health and the success of its actions but which now stands at zero – far below the ECB's target of just below 2 percent.
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