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European Central Bank resists rate cut

The European Central Bank today resisted mounting pressure for a cut in its interest rate, leaving it unchanged at 4.75 per cent.

The decision surprised many analysts, and shows that the ECB sees inflation as its primary concern.

ECB president Wim Duisenberg says: “Euro-area interest rates, both short-term and long, are not high by historical standards.”

The ECB will reconsider rates in a fortnight.

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