ECB freezes interest rates
The European Central Bank has frozen interest rates at 3.75%.
Analysts had been divided over whether the ECB would hold the cost of borrowing or cut it to 3.5%. The ECB joined with other central banks on September 17, when it cut rates from 4.25% to 3.75%.
The bank, which sets interest rates for the 12-nation euro zone, has a mandate to control inflation at or below 2%.
Annual inflation for the euro zone edged down to 2.7% in August, from 2.8% in July, continuing its decline from its eight-year peak of 3.4% in May.
Over the past few days, ECB officials have stressed that the European economy would not benefit from an opportunistic rate cut.
But most economists felt that such statements were simply part of the ECB's strategy of keeping the markets guessing, in order that its rate moves would have a greater effect.
