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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, Britain hold rates steady as Fed pumps up funds AFP - Friday, November 5 Send IM Story Print ECB, Britain hold rates steady as Fed pumps up funds FRANKFURT (AFP) - – The European Central Bank parted ways with the US Federal Reserve on Thursday, keeping interest rates unchanged and giving no hint of any easing after the Fed launched a fresh round of costly stimulus measures. "Separate ways in the central bankers' brotherhood," ING senior economist Carsten Brzeski commented. "Just one day after the Fed launched a new round of quantitative easing (QE), the ECB stressed that it has no intention to follow," he said. In London, the Bank of England maintained its main lending rate at 0.50 percent but it was less clear whether British officials were keeping their own QE option open. The Fed's decision to resume massive stimulus spending not seen since the depths of the 2007-09 economic crisis helped push the euro above 1.42 dollars but that did not appear to bother ECB president Jean-Claude Trichet. He pointed during a press conference to past remarks by US officials that a strong dollar was in the US interest and said there was no indication they were now "playing the strategy or tactics of the weak dollar." Brzeski remarked that "Trichet seems to be one of the few people (maybe the only one) in the world to still believe in the US administration's strong dollar policy." As for the possibility of extending the exceptional measures put in place to ease pressure on bank lending across the 16-nation eurozone, Trichet declined to comment, pointing to his next rendez-vous with media in December. Barclays Capital economist Julian Callow said an initial read of the ECB's introductory statement "suggests that the governing council is still minded to plough its own furrow going forward." On purely European matters, the council's statement said proposals from a task force led by UE president Herman Van Rompuy on budgetary surveillance represented "a strengthening of the existing framework." But the ECB president added that "the governing council considers that they do not go as far as the quantum leap in the economic governance of Monetary Union that it has been calling for." In particular, the ECB is not pleased that potential sanctions would not be automatic but instead subject to influence by political leaders and "that there is no specification of the rule to reduce the government debt ratio." The fact "that financial sanctions have not been explicitly retained under the macroeconomic surveillance procedure" also bothers the ECB, Trichet said. Financial markets cranked up pressure on the eurozone in May when it was feared Greece could be close to defaulting on its debt and the task force was supposed to propose credible measures that would ensure financial discipline. "It is our duty to say serenely, but candidly, but also firmly what we see," Trichet said, before stressing: "I'm not pre-announcing catastrophies" Asked about Ireland, which was announcing more austerity measures Thursday to try and fix the public finances, Trichet said he considered Dublin's announcement to be "of extreme importance." Trichet also suggested that the ECB was not finished buying government debt, one of the emergency measures adopted to get the EU banking system through the global financial crisis. Although the ECB has not reported buying government bonds from the commercial banks for three weeks running, Trichet stressed the information was not provided in real-time and added: "You will see that the programme exists." 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