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Eurozone rates maintained at 1% Eurozone rates maintained at 1%
(about 1 hour later)
The European Central Bank (ECB) has kept the eurozone interest rate at its record low of 1% for the 10th month in a row, as expected.The European Central Bank (ECB) has kept the eurozone interest rate at its record low of 1% for the 10th month in a row, as expected.
Interest rates have been kept low in an attempt to stimulate growth in the eurozone. ECB president Jean-Claude Trichet said that economic recovery in the euro area was "on track but will remain uneven".
Europe's return to growth is seen as fragile, with particular concerns about Spain, Italy, Ireland, and Portugal.Europe's return to growth is seen as fragile, with particular concerns about Spain, Italy, Ireland, and Portugal.
And there are continuing concerns over Greece's ability to tackle its debt despite new austerity plans. And there are continuing worries over Greece's ability to tackle its debt despite new austerity plans.
The ECB's boss Jean-Claude Trichet dismissed suggestions that Greece could leave the euro as "an absurd hypothesis".
"As president of the ECB I am making a very positive judgement on the decisions Greece has taken, they are convincing in our eyes."
Earlier on Thursday, the Bank of England kept the UK's key interest rate on hold at 0.5%, for the 12th month in a row.Earlier on Thursday, the Bank of England kept the UK's key interest rate on hold at 0.5%, for the 12th month in a row.
Eurozone interest rates have been at 1% since May last year.Eurozone interest rates have been at 1% since May last year.
Separately, Eurostat confirmed its initial estimate that the eurozone and the EU27 economic area both grew by 0.1% in the final quarter of 2009. The ECB estimates that the eurozone's economy will expand by between 0.4% and 1.4% in 2010 and between 0.5% and 2.5% in 2011.
Earlier on Thursday, Eurostat confirmed its initial estimate that the eurozone and the wider EU27 economic area had both grown by 0.1% in the final quarter of 2009.