The European Central Bank held its main refinancing rate at 2 per cent for the 19th straight month on Thursday. The move was widely expected with weak economic growth and the strength of the euro likely to deter the ECB from raising rates from their historic lows any time soon.

Of 30 economists polled by AFX News and Agence France-Presse, not one foresaw the ECB tightening monetary policy in the first quarter of 2005. Five respondents predicted an initial rate hike in the second quarter of the year, seven in the third quarter and six in the fourth quarter.