FRANKFURT, Germany (AP) — The European Central Bank has left its key interest rate unchanged at a record low 0.75 percent.

The bank decided against further stimulus even though the economy of the 17 European Union countries that use the euro is in recession.

The bank has already taken measures to calm the crisis over too much government debt in some countries. An offer to buy indebted countries' bonds has lowered borrowing costs for Spain and Italy, and reduced the threat of a eurozone breakup.

Rates are already low and some analysts question how much good further cuts would do.

At his news conference, ECB President Mario Draghi is expected to cut the bank's growth forecast for the eurozone next year from 0.5 percent to near zero.