ECB rate decision today

The European Central Bank’s Governing Council meets at 09.00 Central European time today to decide on interest rates for the 12-nation euro area.

The current main refinancing rate–the minimum bid rate on refinancing operations–stands at 2.00%, while the marginal lending facility stands at 3.00%.

The decision will be published by the ECB at 13.45 CET or 14.45 Cyprus time.

Few expect interest rates to rise, however, following data showing the euro-area economies grew by a disappointing 0.2% in the fourth quarter of 2004, even slower than the meagre 0.3% recorded in the third quarter.

With a strong euro dragging on exports, prospects for the future are also dim. Recent sentiment indicators have shown falling confidence among European consumers and German businesses.