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European Central Bank governor Christine Lagarde said Thursday the central bank would begin its first strategic review in 16 years. However, Lagarde's praise for negative interest rates and the stimulus programs from her predecessor, Mario Draghi, has investors betting the ECB holds rates at the current level of -0.5% for at least 18 months.

Quick take: The ECB left policy unchanged at Thursday’s meeting, and Lagarde said interest rates would only be raised from negative territory when eurozone inflation "robustly" meets the central bank’s target of just under 2%.

Go deeper: European banks could continue to disappoint investors

ECB announces first policy review in 16 years, but little expected to change

Investors think the central bank will keep rates negative.

Business

European Central Bank

European Central Bank governor Christine Lagarde said Thursday the central bank would begin its first strategic review in 16 years. However, Lagarde&#x27;s praise for negative interest rates and the stimulus programs from her predecessor, Mario Draghi, has investors betting the ECB holds rates at the current level of -0.5% for at least 18 months.Quick take: The ECB left policy unchanged at Thursday’s meeting, and Lagarde said interest rates would only be raised from negative territory when eurozone inflation &quot;robustly&quot; meets the central bank’s target of just under 2%.Go deeper: <a class="gtmContentClick" data-vars-link-text="European banks could continue to disappoint investors" data-vars-click-url="https://www.axios.com/european-banks-investors-eu-central-bank-89424e0c-6cd4-4fe6-be46-9308930f35cc.html" data-vars-content-id="6bf6ba78-e5ca-4745-aa8e-e0bda4ce62e6" data-vars-headline="ECB announces first policy review in 16 years, but little expected to change" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/european-banks-investors-eu-central-bank-89424e0c-6cd4-4fe6-be46-9308930f35cc.html" target="_self">European banks could continue to disappoint investors</a>

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.