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ECB rates' record low

THE EUROPEAN Central Bank (ECB) held interest rates at a record low while it extended its liquidity safety-net for funding.

ECB president Jean-Claude Trichet noted recovery would occur "at a moderate pace with uncertainty still prevailing".

However, the ECB upgraded growth forecasts for 2010 and 2011 and predicted growth in a range of 1.4 to 1.8pc this year.