"Partly reflecting the Governing Council's past interest rate cuts, the economy has so far proven resilient overall in a challenging global environment," the ECB said in a press release. "At the same time, the environment remains exceptionally uncertain, especially because of trade disputes."

The European Central Bank left its main interest rate unchanged at 2% as expected on Thursday, taking a break after a year of policy easing to wait for clarity over Europe's future trade relations with the United States.

In June, the ECB lowered its key deposit rate for an the eighth consecutive quarter-point reduction. President Donald Trump thinks the Fed should follow suit.