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As expected, the European Central Bank (ECB) left its key interest rates unchanged. However, central bank president Mario Draghi announced that the ECB will reduce the pace of its multi-billion bond purchases to EUR 15bn (instead of EUR 30bn) per month as early as October. The end of the purchasing program is still planned for December 2018 and a turn towards higher interest rates is not expected until autumn 2019 at the earliest.
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