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The European Central Bank left its main interest rate unchanged at a record low Thursday amid an intense debate about whether the eurozone is at risk of being sucked into a vortex of plunging prices and wages.
Most analysts had not expected further action from the ECB only a month after it cut its main rate to 0.25 percent, a record low. But it is likely that members of the central bank’s governing council discussed a topic that has been dividing economists — whether the eurozone is at risk of deflation, a broad and sustained decline in prices that is associated with economic depressions.
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