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The European Central Bank is keeping its interest rates unchanged at 1 percent - as expected. Its aim is to keep lending rates low to try and stimulate the economy, following the global credit crisis.
The bank's president, Jean-Claude Trichet, expects the euro zone's economic recovery to be 'moderate and uneven'. He also welcomed the decision to publish the results of the so called 'stress tests' on European banks.
More than 90 banks are taking part, which is aimed at restoring confidence in the sector. The results are due to be published on July 23rd. The Bank of England also decided to keep interest rates unchanged at half a per cent. It's the 16th straight month interest rates have been so low.
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- European central bank keeps rate at 1% 2010-06-11
- Japan's central bank keeps interest rate unchanged at 0.1 pct 2010-05-21
- U.S. Fed keeps interest rate unchanged 2010-04-29