ECB leaves rates unchanged

The Governing Council expects the Euro area economy to recover at a gradual pace in 2010, though says the outlook "remains subject to high uncertainty". Inflation is to set to stay below but close to 2% for the medium to long term. Jean-Claude Trichet, President of the ECB, says: "Looking through the volatility of incoming data, the euro area economy is expected to recover at a gradual pace in 2010, as it is likely to be affected over the medium term by the process of ongoing balance sheet adjustment in the financial and the non-financial sector, both inside and outside the euro area....