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Business

ECB Leaves Rates Unchanged Despite Strong Euro

The European Central Bank decided on Thursday not to cut interest rates, despite worries the strong euro could begin to hurt euro zone economies. ECB President Jean-Claude Trichet did not directly address the issue of the soaring euro, which has climbed steadily against the U.S. dollar in recent months, but said that “export growth should continue to benefit from the dynamic expansion of the world economy.” Only in the last month, the euro has gained about 5 percent against the dollar to its present high of $1.27. German Economy Minister Wolfgang Clement has said he fears the strong euro could put Germany’s economy at risk in the coming year.