ECB leaves rate at 1%, reiterates need for fiscal exit

10/9/2009 | Financial Times (tiered subscription model)

After keeping its benchmark interest rate at a record-low 1%, the European Central Bank ramped up calls for countries to exit their fiscal-stimulus programmes. ECB President Jean-Claude Trichet reiterated the "increasingly pressing" need for "ambitious and realistic fiscal exit and consolidation strategies". Trichet also indicated that the ECB is not in a rush to increase borrowing costs.

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