ECB leaves key interest rate at 0.75%

The European Central Bank has left its key interest rate unchanged at a record low of 0.75 per cent.

The bank's governing council made the decision today at a meeting in Ljubljana, Slovenia.

While a rate cut would have provided some stimulus to the struggling 17-country eurozone economy, bank officials have questioned how much effect a further drop would have had.

At its last policy meeting on September 6, the ECB said it would buy unlimited amounts of government bonds to help lower borrowing costs for countries such as Spain And Italy struggling to manage their debts.

At his news conference, ECB head Mario Draghi was expected to underline that Spain needs to agree to strict conditions before it can get that help.