ECB leaves interest rates unchanged
The bank's key refinancing rate remains at 4.5%, a level it has held since May.
Pressure for a rate cut eased after data released yesterday, 18 July, showed June inflation dropping to 3%, from an eight-year high of 3.4% in May.
But European officials cautioned against over-optimism, saying that more evidence was needed to confirm inflation had now peaked.
"One swallow doesn't
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