ECB leaves rates unchanged and warns of overstating Brexit's impact on the eurozone

Interest rates remain at historic lows and there's no sign of them moving...

ECB leaves rates unchanged and warns of overstating Brexit's impact on the eurozone

Picture by: Michael Probst / AP/Press Association Images

The European Central Bank (ECB) has left interest rates unchanged today - as expected they will be kept at their record lows.

The bank has added that it expects rates to remain unchanged, or to reach lower levels, for an extended period of time.

ECB president Mario Draghi told reporters that he believes that markets have shown "encouraging resilience" in the wake of the UK's decision to leave the EU.

Mr Draghi said that estimates that the Brexit vote will cut 0.2%-0.5% off of economic growth in the bloc should be taken with, "a grain of caution."

He added that ECB policies have helped to lessen the impact of the British vote on the eurozone.

The eurozone's bank deposit rate will remain at -0.4% - a negative rate means that the central bank is paid by banks resting funds with them. This is intended to encourage them to lend more money.

No changes were made to the bank's bond buying programme which has been pumping €80bn into bond markets every month.

The bank will continue this quantitative easing programme until March 2017 and beyond "if necessary" as it tries to stimulate economic activity across the eurozone.