The European Central Bank left its key interest rate unchanged for the fifth consecutive month in May, as expected. The Governing Council led by ECB President Mario Draghi decided to maintain the main refi rate at a record low 1 percent on Thursday, following its meeting held amid tight security in Barcelona, Spain. The rate on the marginal lending facility was held at 1.75 percent, while the deposit facility rate was kept at 0.25 percent. The central bank had reduced the rate in November and December, reversing the two hikes undertaken earlier last year. Draghi and ECB Vice-President Vitor Constancio are set set to hold the regular post-decision press conference at 8.30 am ET. Draghi is likely to signal that the bank has reached its limits in fighting the crisis even as the governments are delaying their plans to reach budget goals.