ECB says rates low ‘for extended period’

July 5, 2013 • Business

President of European Central Bank Mario Draghi listens to questions during a news conference in Frankfurt, Germany, Thursday, July 4, 2013, following a meeting of the ECB governing council. The ECB decided to leave the key interest rate unchanged. (AP Photo/Michael Probst)

FRANKFURT, Germany (AP) — The European Central Bank and the Bank of England on Thursday underlined their determination to keep interest rates low in an attempt to reassure markets unsettled by the possible end of the U.S. Federal Reserve’s bond-buying program.

Abandoning a longtime practice of saying it “never precommits” on interest rate decisions, the ECB said it would keep its benchmark interest rate the same or lower “for an extended period of time.”

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