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The ECB holds rates, but for how long can they hold their nerve?
As the European Central Bank decides yet again to keep interest rates unchanged, a wider debate is raging as to the eurozone's future. The ECB left its main refinancing rate at a record low of 0.25 percent. The deposit rate and the marginal refinancing rate were left unchanged at zero and 0.75 percent, respectively. The euro strengthened to an eight-week high against the dollar on the announcement.
Mark Littlewood from the Institute of Economic affairs says Europe must change, but appetite for meaningful reform just isn’t there which is a shame, he says. Allister Heath, the Editor of London-based business paper, City AM, says the future for the EU looks dark. He’s predicting big changes over the next few years, noting that euro-sceptic beliefs are growing rapidly.
That concerns senior business leaders. Neil Prothero from the manufacturers’ organization, the EEF, says his members are very clear in their message that they want to remain within the EU because of what he says are superior trade benefits. Keith Lewis from the Society of Motor Manufacturers & Traders adds the EU is key for the success of the British Motor industry.
02:40 minutes
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