ECB holds rates as strategic review gets underway

In its first rate decision of the year, the central bank's Governing Council voted unanimously to keep the main deposit rate at a historic low of -0.5%, in line with market expectations.The ECB's first strategic review is expected to assess whether its near 2% inflation target is appropriate.

BRUSSELS, Nov. 7, 2019 -- Christine Lagarde Front, President of the European Central Bank, waits to attend the Eurogroup meeting in Brussels, Belgium, on Nov. 7, 2019.on Thursday held interest rates steady as it launched its first strategic review since 2003, in a bid to establish whether its inflation target is still appropriate.

In its first rate decision of the year, the central bank's Governing Council voted unanimously to keep the main deposit rate at a historic low of -0.5%, in line with market expectations. The marginal lending facility remained at 0.25%. The strategic review launched Thursday was one of the first moves announced by Lagarde upon starting her tenure, with the central bank's persistent low interest rate stance under fire from market participants who say it has become detrimental to economic growth.

The former head of the International Monetary Fund and former French finance minister inherited an inflation rate of 1.0% in the euro zone upon taking the reins in November.

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