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ECB moves to phase out some extraordinary liquidity measures

Updated:2009-12-04 10:49:44

European Central Bank (ECB) has decided to phase out some extraordinary liquidity measures, ECB President Jean-Claude Trichet said on Thursday.

"The improved conditions in financial markets have indicated that not all our liquidity measures are needed to the same extent as in the past," said Trichet, who also repeated his from last month for governments in the eurozone to consolidate their fiscal status in a timely manner.

"Governments need to set out concrete and quantifiable adjustment measures that will lead to a sustainable correction of fiscal imbalances," said Tichet.

ECB's Governing Council decided on Thurday that its key interest rate and the interest rates on the marginal lending facility and the deposit facility would remain unchanged at 1 percent, 1.75 percent and 0.25 percent respectively.

"The current rates remain appropriate," said Trichet, adding "the medium to longer-term inflation expectations remain firmly anchored in line with the Governing Council's aim of keeping inflation rates below, but close to, 2 percent over the medium term".

Trichet said the latest information confirmed the eurozone economy was on its way to a recovery and was expected to "grow at a moderate pace in 2010", but the recovery process was likely to be "uneven and subject to risks".

Meanwhile, Trichet also confirmed that the upcoming 12-month money offering on Dec. 16 would be the final one, while the six-month offering would end in March.



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