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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap ECB holds rates steady, sticks by weak eurozone states AFP - Friday, October 8 Send IM Story Print ECB holds rates steady, sticks by weak eurozone states FRANKFURT (AFP) - – The European Central Bank held its main interest rate at a record low 1.0 percent on Thursday and stuck firmly by exceptional measures that underpin the finances of weaker eurozone members. "We didn't change at all our assessment of the non-standard measures, the allotment mode, the provision of liquidity and we are exactly, exactly in the same mood as we were a month ago," ECB president Jean-Claude Trichet said after the rate decision. As Trichet made his comments, the euro spiked briefly to an eight-month high above 1.40 dollars, adding to concerns the strengthening currency could undermine European exports by making them more expensive. The ECB has provided eurozone commercial banks with unlimited cash loans to ensure liquidity in the money markets but with demand starting to ease, analysts wondered if the bank would signal it might cut back on its provisions. Trichet said a decline in borrowing of 79 billion euros (110 billion dollars) "has been interpreted by the market, I would say rightly so, as an element of proof of progressive normalisation". Meanwhile, other central banks such as the US Federal Reserve, Bank of Japan and Bank of England have either decided to enact fresh stimulus measures or have indicated they might do so. In London, the Bank of England kept its key lending rate at a record low level of 0.50 percent on Thursday and on Tuesday Japan launched a fresh stimulus package to keep the world's third-biggest economy on track. The differences in approach have pushed the euro higher against the dollar, pound and yen but Trichet declined to comment directly on the euro's rise, which had provoked a warning from the European Commission earlier in the day. "I would only say that more than ever ... excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," Trichet said. The European Commission warned the euro's strength was "disproportionate" and could affect economic recovery across the bloc. In Paris, the head of the International Monetary Fund said he was deeply concerned about the risk of a currency war as countries try to ensure their exports remain competitive. Trichet said only that the issue would be discussed by central bank chiefs and finance ministers in Washington at the IMF meeting that begins on Friday. He also declined to criticise China, which has come under pressure to let the yuan appreciate faster than it has been doing, but reiterated that it should become a fully free-floating currency at some point. That, the ECB president said, would require global leaders to reflect on the "long-term perspective of structural change" for currencies from several emerging economies. "I'm speaking of course of the Chinese currency but not only of the Chinese currency," Trichet said. Meanwhile, sustained growth in the eurozone's biggest economy, Germany, was welcome even though it presented the ECB with a policy conundrum given deficit and debt problems in countries were economies were weak like Greece, Ireland and Portugal. "I am very happy with the new German bouyant mood," Trichet said. "It is good for Germany (and) it is good for the euro area as a whole." ING senior economist Carsten Brzeski said "Trichet downplayed the issue of increasing economic and financial divergences within the eurozone several times. "Time will tell whether this is a sustainable position. For the moment, it is obvious that the ECB rather errs on the downside and conducts a policy of the 'weakest link'," he said. Ernst & Young senior economist Marie Diron said: "We think that the ECB will keep its recent policy stance unchanged. "Only a sharp appreciation of the euro, a marked worsening of the international outlook or further rapid increases in market interest rates would make the ECB review this position." 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