ECB and BoE leave rates unchanged

As was widely expected, both the European Central Bank (ECB) and the Bank of England left rates on hold on Thursday.

In his post-meeting comments, Trichet did little to hint that the 21-member Governing Council had shifted its stance at all, again emphasising that maintaining price stability in the medium term was their "primary objective" and that a firm anchoring of medium to longer-term inflation expectations "is of the highest priority."

"Notably the council continue to see the outlook for