ECB relieved with euro appreciation interruption

European Central Bank president Wim Duisenberg said the ECB is relieved that the euro's strong appreciation has been interrupted recently.

After the ECB's governing council meeting he said the exchange rate was not a factor in today's ECB decision to leave interest rates unchanged.

He expressed confidence that interest rates were now on "a good track", and that ECB monetary policy would remain on that track for some time to come.

Duisenberg said the ECB still expects the Eurozone economy to accelerate gradually in the second half of the year and next year.