ECB keeps money taps open, drops reference to rate cuts

TALLINN: The European Central Bank (ECB) kept its money taps wide open but dropped a reference to possible interest rate cuts, an unexpectedly hawkish move as eurozone growth accelerates.

The currency bloc’s economy has been on its best run since the global financial crisis nearly a decade ago but the ECB was expected to take a more cautious stance as the inflation rebound has yet to show a convincing upward trend.