Mario Draghi is waiting it out.

The president of the European Central Bank left all rates unchanged today. To be fair, that was what many economists expected, but the decision to stand pat came in the face of data that is no doubt making these decisions harder: a report Monday showed that annual inflation in the euro zone reached its lowest rate last month in more than four years, at 0.5%. That’s a long way below the ECB’s target of 2%.

And Thursday business surveys showed the economy slowed slightly in March. 

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