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ECB keeps key rate at record low
Published in The Saudi Gazette on 04 - 09 - 2009

The European Central Bank left interest rates at a record low and may signal it's in no rush to withdraw emergency stimulus measures as the economy shows signs of recovering from its worst recession since World War II.
ECB officials meeting here on Thursday kept the benchmark rate at 1 percent, as predicted by all 58 economists in a Bloomberg News survey. The central bank, led by President Jean- Claude Trichet, won't raise rates before the third quarter of 2010, another survey shows.
The ECB is wary of nipping the nascent euro-region recovery in the bud by tightening policy too soon. While the bank is likely to raise its forecasts for economic growth today after Germany and France unexpectedly exited their recessions in the second quarter, rising unemployment and the expiry of government rescue packages may damp expansion next year.
“Trichet's challenge is to present a more optimistic economic scenario while continuing to sound cautious,” said Nick Kounis, chief European economist at Fortis Bank Nederland NV in Amsterdam. “The last thing he wants to do is fuel expectations that rate hikes are around the corner.”
Trichet holds a press conference at 2:30 P.M. in Frankfurt, during which he'll release the revised economic forecasts. Economists will also watch for any comments on the ECB's 12- month loans to banks, which could reveal “a lot” about its broader policy intentions, said Jacques Cailloux, chief euro- area economist at Royal Bank of Scotland Plc in London.
Sweden's Riksbank today held its benchmark rate at a record low of 0.25 percent and pledged to keep it there until autumn next year. While the Federal Reserve and Bank of England are pumping money directly into their economies through the purchase of government and corporate bonds, the ECB has focused on lubricating bank lending in an effort to rekindle growth.


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