ECB interest rates unchanged

The European Central Bank (ECB) today announced that it is leaving its key interest rate unchanged at a record low of 1%, in line with expectations.

The bank's Governing Council meeting today in Venice decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively.

ECB President Jean-Claude Trichet said the current rates remained "appropriate".

Mr Trichet said the latest information available supported the view that the euro area economy was stabilising, but added: "uncertainty remains high".

Medium- to long-term inflation expectations across the euro zone remain firmly anchored in line with the Governing Council’s aim of keeping inflation rates below, but close to, 2%, Mr Trichet said.