European Central Bank holds interest rate at 1.0%
08 April 2010 12:45 [Source: ICIS news]
LONDON (ICIS news)--The European Central Bank (ECB) left interest rates unchanged on Thursday at the record low level of 1.0%.
The bank had cut its key rate several times from the October 2008 level of 4.25% as it tried to take
ECB President Jean-Claude Trichet was expected to use his monthly news conference later on Thursday to comment on his outlook for EU growth, on the next steps in a gradual withdrawal of emergency funding to eurozone banks and the impact on the currency by the Greek debt crisis.
Earlier, the Bank of England announced it would hold interest rates at 0.5% for the 13th consecutive month and leave its quantitative easing policy unchanged.
The EU economy emerged from recession after third-quarter GDP in 2009 grew by 0.3% compared with the previous quarter, while GDP in the eurozone increased by 0.4%, according to European statistical office Eurostat's revised estimates.
($1 = €0.75)
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