Keying on more favorable economic news and lower borrowing costs for troubled eurozone states, the European Central Bank kept its deposit rate at zero and the marginal lending facility at 1.5%. The calmer mood stems from bank President Mario Draghi's bond-buying pledge in September. That commitment remains untested, however, and "at some point in time, the ECB will have to prove that the new bond-buying program is more than only an illusionary giant," said Carsten Brzeski, senior economist at ING Bank.

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