*Financial Times, by Ralph Atkins, December 6, 2007
ECB Holds Rates at 4%
“Eurozone interest rates have been left unchanged at 4 per cent by the European Central Bank as the threat of slower growth in the 13-country region offsets the dangers posed by higher inflation.
Thursday’s decision was widely expected, especially as ECB officials have continued to argue that more time is needed to assess the macroeconomic impact of the global credit squeeze.
High eurozone inflation, which hit 3 per cent in November, would in other circumstances have strengthened the case for increasing official borrowing costs. However, fresh ECB forecasts are expected to show the central bank has become more pessimistic about the growth outlook – while the strong euro has also severely limited its room for manoeuvre.”
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