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ECB to keep monetary policy loose for as long as needed

Blog by Brad Herman | May 17th, 2013

The European Central Bank will keep its loose and growth-supportive monetary policy stance in place for "quite a long time", ECB executive board members said on Friday.

With the euro zone economy stuck in recession, the ECB cut its main refinancing rate to a record low of 0.5 percent and extended its provision of unlimited funds to banks by a year at its May policy meeting,