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The European Central Bank and its president Mario Draghi left interest rates unchanged on Thursday, holding off fresh policy action to combat the threat of deflation while it waits for new staff forecasts next month. A downward revision to the inflation outlook then could prompt a policy move. The ECB held its main interest rates at 0.25 percent. It also left unchanged the deposit rate it pays on bank deposits at 0.0 percent, and held its marginal lending facility – or emergency borrowing rate – at 0.75 percent.

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