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Image header Agence Europe
Europe Daily Bulletin No. 8316
Contents Publication in full By article 20 / 33
GENERAL NEWS / (eu) eu/ecb

ECB keeps its leading rates unchanged

Brussels, 10/10/2002 (Agence Europe) - At the end of a meeting of its Governing Council on Thursday, the European Central Bank (ECB) decided to keep its leading rates unchanged. The main refinancing operations minimum bid rate remains at 3.25%. The marginal lending facility and the deposit facility remain at 4.25% and 2.25%, respectively. At his press conference, Wim Duisenberg repeated that the level of interest rates in the euro zone was "appropriate" and that they should not impede economic recovery. He also implicitly recommended to the four countries of the euro zone that have budgetary difficulties to begin their efforts at reducing their deficits in 2003 already. These problems have arisen "as these countries did not take advantage of the situation to improve their budget situation when economic growth was strongest", he said, before urging governments "to overcome the inertia by implementing structural reforms, at both budget and labour market levels" (see EUROPE of 9 October, p.14).

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