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ECB sees money market normalising


ECB sees money market normalising


There were no surprises from the European Central Bank as it left interest rates at a record low of one percent for the 17th month in a row.

At a news conference, ECB President Jean-Claude Trichet said that last week’s move by banks to slash their use of European Central Bank loans shows money markets are beginning to function more normally.

The ECB is trying to balance efforts to withdraw the emergency support it has given to banks with concerns about a dip in the economy.

Trichet also said economic recovery in the euro zone will continue “at a moderate pace” in the second half of the year “with the underlying momentum remaining positive.”

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