The European Central Bank (ECB) released its interest rate decision today. Interest rate remained unchanged at 0.15%. This decision was expected by market participants. The ECB President Mario Draghi said that the central bank "intensified" preparation for an Asset Backed Securities (ABS) program. This program should be launched if necessary.

Inflation increased 0.4% in July, missing expectations for a 0.5% rise.

Mario Draghi said inflation should remain low in the coming months, but it is expected to climb in 2015 and 2016. The ECB's inflation target is 2%.

The ECB President reiterated that interest rates will remain at low levels "for an extended period of time" and the ECB could launch unconventional measures to tackle low inflation.

Mr. Draghi warned that tensions between Russia and the EU over Ukraine may affect the economic recovery in the EU.

The French and Italian governments needed to implement economic reforms, so Draghi.