ECB keeps interest rates steady amid eurozone recession fears

Widely expected decision by European Central Bank follows 10 consecutive rises in borrowing costs

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The European Central Bank has paused its toughest cycle of interest rate increases since the launch of the euro amid growing fears about the eurozone economy.

In a decision widely expected in financial markets, the ECB left its key policy rates unchanged for the first time in more than a year, halting a round of 10 previous increases in the cost of borrowing after concluding it had done enough for now to tackle the rising cost of living.