00:02The European Central Bank has held interest rates at 2% for a third straight meeting,
00:08even as inflation rises and growth slows across the Eurozone.
00:12The Governing Council today decided to keep the three key ECB interest rates unchanged.
00:20While the incoming information has been broadly consistent with our previous assessment of the inflation outlook,
00:27the upside risks to inflation and the downside risks to growth have intensified.
00:35The war in the Middle East has led to a sharp increase in energy prices.
00:41The longer the war continues and the longer energy prices remain high,
00:47the stronger is the likely impact on broader inflation and the economy.
00:54Inflation jumped to 3% in the Eurozone in April,
00:58way above the central bank's 2% target.
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