European Central Bank President Mario Draghi yesterday reiterated that the ECB’s future interest rates will remain at their present level or lower for an “extended period” of time, suggesting that will be at least into next year.

He said inflation expectations remained anchored and there were some signs of tentative growth.

“(Policy) thereby provides support to a gradual recovery in economic activity in the remaining part of the year and in 2014,” he said in a news conference.

Earlier yesterday the ECB held its main interest rate at a record low of 0.50 per cent. It also left the rate on its deposit facility at zero and held its marginal lending facility – or emergency borrowing rate – at one per cent.