Quaden says ECB still has ammunition

Belgian ECB governing council member Guy Quaden was quoted on Wednesday 24 March as saying that the ECB's official interest rate of two per cent is "extremely low" but the Bank has some room for manoeuvre if necessary.

Quaden, who was interviewed by French newspaper Le Monde, was quoted as having said it was too early to measure the impact of the March 11 Madrid bombings on the economy but that there was a risk in terms of confidence.

"A gradual economic recovery remains the most probable scen