ECB released July monthly bulletin showing that the rate decision of keeping interest rate steady at 1.00% in July is appropriate according to the recent data available which revealed that economic growth will continue at a moderate pace, but with uncertainty.

The bulletin also stated that inflation will remain anchor over the medium term but expected to show some volatility with higher tendency in the coming few months, whereas in 2011 it is predicted to remain moderate.

Finally, it noted that bank's balances have increased but still they do a lot to expand credit.