The ECB has left euro zone interest rates unchanged at 3.25 per cent despite yesterday's half-point cut by the US Federal Reserve.
Analysts were not surprised as the bank had given no sign it was poised to move down now as it was still citing inflation risks despite an increased focus on global economic weakness.
Though the ECB left rates unchanged this time, many analysts see it lowering borrowing costs before the end of the year, because by December it is bound to have seen even more evidence that the euro zone economy is stalling while inflation risks recede.