London (CNN Business) It's official: Mario Draghi has missed his chance to raise European interest rates.

The president of the European Central Bank steps down in October after eight years. A sharp slowdown in the region's economy has killed off any chance of a first rate hike during his term.

The European Central Bank said on Thursday it expected rates to remain at record low levels at least through the end of 2019. It also announced a series of new cheap loans for banks.

"The weakening in economic data points to a sizeable reduction in the pace of economic expansion that will extend into the current year," ECB President Draghi told reporters.

The ECB had previously said it expected rates to remain at present levels "at least through the summer of 2019," leaving the door ever so slightly open to a rate hike before Draghi's term ends.

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