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Eurozone interest rates on hold ECB starts to unwind some support
(about 2 hours later)
The European Central Bank (ECB) has kept interest rates on hold at 1% in a widely-expected decision. The European Central Bank (ECB) is to start withdrawing some of its special measures to support the economy.
The benchmark rate remains at the lowest in the Bank's 10-year history. The bank is withdrawing some of its cheap short-term loans designed to boost the amount of money available in the markets and encourage bank lending.
The ECB made no immediate announcement about any plans to scale back the emergency lending it has made available to banks in the downturn. ECB president Jean-Claude Trichet said he had asked the banks "to do their job. We have helped them considerably."
The comments came as the Bank left interest rates on hold at 1% - the lowest level in its 10-year history.
ING senior economist Carsten Brzeski said: "The gentle exit has begun. Today's message to banks was crystal clear: do your homework, free refills are coming to an end."
Specifically, Mr Trichet said the 12 month loan offering in December would be the last one and the six month offering will end in March.
Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009.Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009.