The International Monetary Fund on Thursday said it fully supports the European Central Bank’s decision to leave its monetary policy unchanged for now.

“The IMF staff firmly supports maintaining strong monetary accommodation until the ECB’s medium-term inflationary objective is met,” IMF spokesman Gerry Rice told reporters at a regular briefing.

The ECB on Thursday left policy unchanged at the first meeting of its new president, Christine Lagarde. With Thursday’s decision, the ECB’s rate on bank overnight deposits, which is currently its primary interest rate tool, remains at a record low of -0.50%.