The European Central Bank (ECB) kept interest rates in the eurozone unchanged on Thursday for a second straight meeting, with the key deposit rate, which is important for banks and savers, held at 2%, the Frankfurt-based institution said in a statement.

The ECB also held interest rates steady at the last rate decision in July, not least due to the exceptionally uncertain environment in the trade dispute with the U.S., ECB President Christine Lagarde emphasized at the time.

Now Europe is dealing with a government crisis in France, sparked by planned austerity measures. There is significant concern that the levels of debt in France, the second-largest eurozone economy, could spiral out of control.

In this environment, the central bank has adopted a wait-and-see approach after a series of interest rate cuts. Before July, the ECB had lowered interest rates eight times within a year.

As recently as the spring of 2024, the deposit rate that banks receive when they park money with the ECB was twice as high at 4%.

Many economists expect that the ECB will not adjust the rates again this year as inflation hovers around its official target.

In August, the inflation rate in the eurozone was 2.1%.

Given the many crises globally, there is much to suggest that the central bank wants to keep all options open.