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News Summary: European bank keeps rates unchanged

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The Associated Press | December 5, 2013 12:33 PM EST | AP


STAYING PUT: The European Central Bank kept its interest rates on hold even though the recovery has weakened in the 17-country monetary union, and inflation is expected to remain low.

BEHIND THE HEADLINE: The ECB left its benchmark rate at 0.25 percent at its meeting, following a surprise quarter-point cut last month aimed at strengthening growth. The refinancing rate determines what banks pay to borrow from the ECB and, through them, influences borrowing costs for businesses and consumers.

AT THE READY: ECB President Mario Draghi said the bank was "ready and able" to take new steps to help the economy if that's needed."