European Central Bank says economy is ‘increasingly solid’
FRANKFURT — The European Central Bank kept its stimulus program and interest rates unchanged Thursday even though it conceded that the economy of the 19-country eurozone is becoming stronger.
While indicators in recent weeks have pointed to much faster growth, there was little expectation the central bank would ease off its stimulus programs in the run-up to the second round of France’s presidential election, in which anti-euro candidate Marine Le Pen is battling pro-EU front-runner Emmanuel Macron.
A Le Pen victory on May 7 could unsettle financial markets since she has advocated taking France out of the shared currency union.
ECB President Mario Draghi suggested that the election had no bearing on the bank’s decision and noted that while growth was indeed improving, inflation remains subdued.