ECB says rate decisions will reflect ongoing data

EUROPEAN Central Bank rates have not necessarily reached a bottom and future decisions will be taken on the basis of ongoing economic data, Governing Council member John Hurley said yesterday.

The ECB said it expected the eurozone recession to last for another year when it held rates at 1% on Thursday and Mr Hurley said a “gradual” recovery would take time.

“We haven’t taken any decision that this is necessarily the lowest rate. We never pre-commit. We have to assess the data as it emerges and make our decision on the basis of that data,” Mr Hurley said.