The ECB left interest rates unchanged at zero at its latest meeting amidst criticism from Germany that the low rates were causing extraordinary problems for German banks and savers and risked fuelling the rise of Eurosceptics in Germany. Mario Draghi, president of the ECB, stressed that loose policy was needed to get inflation back to the ECB’s target of “below but close to” 2% and that inflation currently remains well short of that and could turn negative again in the coming months. Mr Draghi added that the range of initiatives announced in March would need time to bear fruit, but insisted that the ECB’s stance was working.