The European Central Bank put further rises in eurozone interest rates on hold on Thursday as it launched fresh emergency liquidity-boosting operations in euro money markets.

Jean-Claude Trichet, ECB president, hinted at the need for further rises in borrowing costs on the back of “strong fundamentals” in the eurozone economy. But he made clear that amid a “high level of uncertainty” and downside risks to growth resulting from financial market volatility, the bank would wait before acting.