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European central bank keeps rate at 1%

06-11-2010 13:52 BJT

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The European Central Bank has kept interest rates at a record one per cent, falling in line with market expectations. The bank also broadened efforts to ease market tension and to minimize damage from the debt crisis, by offering short-term loans to banks on top of existing measures to boost government debt.

ECB President Jean-Claude Trichet said unlimited 3-month loans would be offered to banks over the coming months. He added that the program to buy bonds, which aims to boost investors' confidence in government debt and to help eurozone countries avoid default, would continue. He also said euro zone economies continued to recover at a moderate pace but at uneven growth rates.

Jean-Claude Trichet, ECB President said "The economic recovery in the euro area continued in the first half of 2010 but quarterly growth rates are likely to be rather uneven. Looking ahead we expect the euro area economy to grow at a moderate pace in an environment of continued tensions in some financial market segments and of unusually high uncertainty."

Editor:Xiong Qu |Source:

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