Eurozone interest rates left at zero
October 8th 2009, The Currency Exchange Site analyst
The European Central Bank’s meeting in Venice on October 8th resulted in interest rates across the Eurozone being left unchanged, at the record low of 1%.
The move was not a surprise, with the bank vocalising its caution over the regions economic recovery. Jean Claude Trichet, President of the ECB, announced that the 1% ‘rate was still appropriate’. The bank reported ongoing stabilisation of economic activity with a view that recovery will continue, echoed by the growing strength of the Euro relative to other currencies such as the dollar and the pound. In the medium term the bank plans to keep interest rates low, under or close to 2% reflecting uncertainty in the recovery path and timeline.
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