ECB keeps policy unchanged

The European Central Bank left its policy measures unchanged on Thursday, as expected by economists.

The ECB's Governing Council held interest rates at 0.0%, the marginal lending facility rate at 0.25% and the deposit facility rate at -0.40%.

The central bank's last major policy changes came in March when the Governing Council cut interest rates and expanded monthly asset purchases by €20bn to €80bn to help bring inflation back towards its target of just below 2%.

"It is no surprise at all that the ECB left policy on hold today," said Jonathan Loynes, chief European economist at Capital Economics.

"With the latest policy measures only announced in March and some, like the corporate bond purchases and new TLTROs, not even implemented yet, the Governing Council is firmly in wait and see mode for now."

President Mario Draghi will explain the ECB's latest monetary policy decision at press conference at 1330 BST. The central bank's new economic and inflation forecasts will also be released.

Any mention of the impact of a possible vote by Britain to leave the European Union on 23 June will be of particular interest.