4 Sep 2009

ECB holds rate

2:58 pm on 4 September 2009

The European Central Bank has held interest rates at 1%.

President Jean-Claude Trichet says the region faces an uneven recovery and the rate may stay there for some time to come.

Mr Trichet says things are getting better, but the recovery will be slow and remains finely balanced.

Unlike Australia, where the federal government says it is now time to start scaling back its stimulus programme, Mr Trichet says it's too early to withdraw government and central bank support.