Brussels, 15/07/2005 (Agence Europe) - In the Editorial to its July monthly bulletin, the European Central Bank (ECB) say 'there are no signs as yet that a more sustained recovery in economic activity has already started' in the eurozone. Despite improvements in some consumer confidence indicators, growth remains subdued because of high oil prices. In the second quarter of 2005, growth is expected to be lower than the first quarter growth rate of 0.5%, quarter by quarter, but may benefit in the longer term from rising investment and consumption and more competitive export prices, explains the ECB. The ECB editorial echoes comments by Jean-Claude Trichet after the Governing Council meeting last week where the ECB decided not to change interest rates (which have been at the same rate since June 2003). The minimum bid rate on the main refinancing operations of the eurosystem is unchanged at 2.05, while the interest rates on the marginal lending facility and the deposit facility were also left unchanged at 3.0% and 1.05 respectively.