FRANKFURT—The European Central Bank left its monetary stimulus unchanged on 16 July, pausing to assess the economic pain eurozone businesses and consumers are still suffering as they emerge from lengthy lockdowns.

Europe was hit early and hard by the coronavirus pandemic, but muscular intervention by governments and the ECB have so far helped to curb infection rates and support consumer spending and growth. The ECB alone unveiled around $3tn of stimulus measures in recent months, putting its crisis response on par with the Federal Reserve’s.