The European Central Bank left interest rates unchanged as expected today, holding them at record lows as it prints money to lift the economy and raise inflation.

The decision to leave the cost of borrowing unchanged was unanimously expected by the 59 analysts polled by Reuters after the ECB cut its deposit rate deeper into negative territory last month after inflation prospects soured further.

At today's meeting, the ECB kept its rate on bank overnight deposits, generally seen as its primary interest rate tool, at -0.3 percent.

The main refinancing rate, which determines the cost of credit in the economy was unchanged at 0.05 percent while the rate on the marginal lending facility - or emergency overnight borrowing rate for banks - remains at 0.30 percent.

Markets now turn their attention to ECB President Mario Draghi's 1330 GMT news conference, where he is expected to highlight growing inflation risks and may discuss worries about the impact of China's economic slowdown and the recent global market turmoil.