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Thursday May 05, 09:35
ECB once again kept rate at 2%
(by Mark Riley)

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ECB once again kept rate at 2% The European Central Bank as expected left the eurozone key interest rate unchanged at a historic low against the background of disappointing economic data and moderate inflation. The rate has been at 2% since June 2003.

EU Economic and Monetary Affairs Commissioner Joaquin Almunia said about the negative economic data: "They are not so good."

The markets are anticipating a dovish rather than a hawkish trend, and most are projecting that the rate will stay at its low level for some time. Some are even contemplating a rate cut as opposed to an increase.

Italy’s Deputy Economy Minister Mario Baldassarri said: "I would reduce the interest rate in Europe if I would be at the central bank."

The idea of cuts, however, is not likely to gain popularity as long as oil prices continue to surge. Analysts speculate that things have to get considerably worse for ECB to contemplate a cut.
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Read the related news and articles:
04 May 2005 08:34 AM ECB KEPT ITS INTEREST RATE UNCHANGED AT 2%
18 Apr 2005 04:42 PM ECB rates unchanged till the end of 2005, economists say
07 Apr 2005 09:02 AM ECB has left its interest rate unchanged at 2% as expected
04 Mar 2005 11:47 AM European Central Bank cuts 2005 growth forecasts to 1.2-2.0%
03 Feb 2005 10:08 AM ECB kept rate at 2%, as was expected
 


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