The European Central Bank held its monthly meeting a while ago today. They kept deposit rates at 0.0% and interest rates at -0.50%, not that anyone was expecting a move. But, they confirmed that they will remain steady to ease further if the circumstances call for it. The ECB will also keep interest rates at the lower band, until inflation gets close to 2%, which will taker some time I assume:

ECB Rate Decision and Statement

• ECB continues to reiterate stands ready to adjust all of its instruments
• Interest rates to remain at present or lower until it has seen inflation outlook robustly converge to a level sufficiently close to but below 2% within its protection horizons (repeat)
• No change to rate tiering multiplier
• Will continue purchases under PEPP with a total envelope of 1,350B euros
• Will continue to fully invest maturing securities at least through end-2022
• PEPP will run at least through end of June 2021
• The ECB cites ‘very high takeup’ of TLTRO-III
• In its June forecast the ECB saw GDP down 8.7% in 2020 and up 5.2% in 2021