ECB surprises by leaving rates unchanged

The European Central Bank on Mar 1, 2001 surprised financial markets by leaving interest rates unchanged, showing that it was not yet ready to follow a series of recent rate cuts by the world's other top central banks.

ECB President Wim Duisenberg said at the monthly post-meeting news conference that an "element of uncertainty with regard to the outlook for euro area growth continues to be the world economy and its potential impact on euro area developments." Although he went on to say that at

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