Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates

Preparing for a change at the top, the European Central Bank has decided to keep interest rates on hold and at their all-time lows. Mario Draghi, who had his last monetary policy meeting as president of the ECB, is leaving after an eight-year term during which key rates were never raised. At the subsequent press conference, Draghi defended the bank’s monetary policy which has received a serious amount of criticism from various corners of Europe.

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‘Super Mario’ Defends Controversial Negative Rate Policy

Europe’s central bank announced Thursday that the benchmark borrowing rate remains at 0% and the main deposit rate, the one banks face when leaving money at the ECB, stays at -0.5%. The record low was approved in September when the financial institution also decided to restart its stimulus program. In November, the bank will begin purchasing 20 billion euros’ worth of bonds a…