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Business

ECB Keeps Interest Rates Steady

The European Central Bank (ECB) has left euro zone interest rates unchanged, as expected. The central refinancing rate remains at 2.00 percent and the deposit rate and marginal lending rate at 1.00 percent and 3.00 percent, respectively. In his last press conference on monetary issues before stepping down as ECB president Wim Duisenberg, confirmed the bank would keep rates stable since the tentative growth that had begun within the euro zone in the summer seems to have taken hold. Bank of France Governor Jean-Claude Trichet will assume Duisenberg's position in November.