14.12.201723:14:00UTC+00ECB Stands Pat on Policy, Raises Economic Growth Estimates

The European Central Bank left the parameters of its monetary policy unchanged, pledging to keep the inflow of money into the euro zone economy for as long as needed, despite opposition from some policy hawks.

The ECB lifted its eurozone growth forecasts from this year until the end of 2019 and edged up its expectations for inflation, which is now projected to be at 1.7 percent in 2020, near its target of almost 2 percent.

It now anticipates the eurozone's economy to expand 2.4 percent this year, higher than its prior guidance of 2.2 percent. The ECB also slightly lifted its inflation expectation for next year but its guidance continues to be below its target of close to, but under 2 percent.

However, it kept its interest rate at historic low, and also stuck strictly to its script on what it plans for next year in asset purchases. The bank kept its main interest rate at zero and affirmed its asset purchase program would be reduced from 60 billion euros to 30 billion per month in January.

According to a source, pressure from some members of the governing board to indicate a possible change of plan was easily rebuffed.