The ECB left its key rate at 2 per cent last week as it had signalled it would do in January.
As anticipated in their interest rate decision of 15 January 2009, the latest economic data and survey information confirm that the euro area and its major trading partners are undergoing an extended period of significant economic downturn, and that accordingly both external and domestic inflationary pressures are diminishing.
On the basis of this and the ECB's regular economic and monetary analyses, the Governing Council decided to leave the key interest rates unchanged.
Please click here to review Jean Claude Trichet's statement.