ECB will hold interest rates for at least a year, says expert panel

IT could be 2014 before the European Central Bank (ECB) raises rates again, according to an Irish Examiner survey.

All experts surveyed, which included top economists and property analysts, believe that the ECB will not increase rates again this year, with some saying that rates could even fall. Others believe, however, that the ECB can not be seen to cut rates so soon after two hikes.

National Irish Bank chief economist Ronnie O’Toole said the next rise could be 2013 or as late as 2014 while Ian Kernohan, an economist with Royal London, expects the ECB to keep rates on hold until 2013.