ECB leaves benchmark rate unchanged

FILE - In this May 31, 2012 file picture President of the European Central Bank Mario Draghi reports to the Economic Committee, in capacity as the head of the European Systemic Risk Board, at the European Parliament in Brussels. The European central Bank's 23-member governing council meets Wednesday June 6, 2012. No cut is expected in its benchmark interest rate, which has already been lowered to a record low 1 percent. Draghi wants politicians such as Germany?s Chancellor Angela Merkel, French President Francois Hollande and European Commmission President Jose Manuel Barroso to come together on far-reaching and potentially controversial action to fix what?s really wrong with the euro at a summit June 28-29 in Brussels. Then, analysts say, more help might be forthcoming. (AP Photo/Yves Logghe)

FILE - In this May 31, 2012 file picture President of the European Central Bank Mario Draghi reports to the Economic Committee, in capacity as the head of the European Systemic Risk Board, at the European Parliament in Brussels. The European central Bank's 23-member governing council meets Wednesday June 6, 2012. No cut is expected in its benchmark interest rate, which has already been lowered to a record low 1 percent. Draghi wants politicians such as Germany?s Chancellor Angela Merkel, French President Francois Hollande and European Commmission President Jose Manuel Barroso to come together on far-reaching and potentially controversial action to fix what?s really wrong with the euro at a summit June 28-29 in Brussels. Then, analysts say, more help might be forthcoming. (AP Photo/Yves Logghe)

FRANKFURT, Germany (AP) ? The European Central Bank has left its benchmark interest rate unchanged as it pushes eurozone governments to take stronger action to tackle their government debt crisis.

The decision Wednesday by the bank's 23-member governing council left the refinancing rate at a record low 1 percent.

The bank is under pressure to stimulate a weakening eurozone economy with a rate cut. But bank President Mario Draghi has said the central bank cannot make up for inaction by governments.

Analysts say the bank is now likely to see what European leaders can come up with at a June 28-29 summit. This could include moves toward stronger oversight of banks, help for Spain and its troubled banks, or proposals for more growth or shared government borrowing.

Associated Press

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