ECB holds rates, but hawkish tone goes

Jean-Claude Trichet, the president of the European Central Bank, revealed a shift to a more dovish outlook as the governing council held rates at 4% for the eighth straight month.

Trichet acknowledged that the only option discussed on Thursday was a rate hold and that the governing council was unanimous in its support of this. At the January meeting, the governing council considered both holding and raising rates.

The council has also shifted its stance on the euro-area's economic outlook, con

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