European Central Bank Leaves Interest Rates Alone | Business| Economy and finance news from a German perspective | DW | 04.11.2004
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European Central Bank Leaves Interest Rates Alone

The Frankfurt-based European Central Bank (ECB) left its benchmark interest rate unchanged, keeping it at a sex-decade low of two percent. The bank said the low rate was kept as it was to support a weak economic recovery for Europe that is being threatened by high oil prices and rising unemployment. Jean-Claude Trichet, the ECB president, said the outlooks is "surrounded by uncertainty," largely due to oil costs which jumped 56 percent this year. Economists and leaders are worried it could derail the recovery that is largely being driven by exports. Investment and consumer spending are still weak.