Central bank for euro currency union keeps borrowing benchmark unchanged at record low

FRANKFURT, Germany – The European Central Bank has left its key interest rate unchanged, even though the economic recovery remains weak in the 17 countries that use the euro currency.

The eurozone's chief monetary authority left its benchmark rate at 0.25 percent at a meeting Thursday at its headquarters in Frankfurt, Germany.

The ECB held off on further action to stimulate the weak recovery, following a surprise quarter-point rate cut at last month's meeting.

The refinancing rate determines what banks pay to borrow from the ECB and influences borrowing costs for businesses and consumers. In theory, lower rates let businesses borrow more easily so they can invest and create jobs.

But some banks are unwilling to lend at those low rates because they're worried about the economy and focused on fixing their finances.