ECB: INTEREST RATES MAINTAINED DESPITE ANTICIPATED UPTURN IN INFLATION.

The Refi is the rate at which merchant banks borrow money from the ECB and other national central banks in the Euro zone for short-term refinancing. The maintenance of rates, forecast by analysts, was agreed despite the increase in the key indicator used to gauge risks of inflation in the medium term, the M3 money supply, which rose 5.6% in July (compared with 5.3% in June).Economic recovery.The ECB believes that all indicators point to an acceleration in economic activity in a continually clement climate in terms of prices. The Bank believes the prospects for the evolution of economic activity in the Euro zone are now more favourable than a month ago. The ECB nevertheless believes that it is too early to draw any firm conclusions regarding the precise point at which an overall recovery in growth will come or regarding its extent. The...