Today ECB released monthly bulletin for August's rate decision providing an overview of the status of the economy and the latest developments.

The governing council said growth is predicted to be moderate and uneven as there continues to be risks, while stating that the current benchmark rates are appropriate. Policy makers expressed their satisfaction concerning second and third quarter data and stress test results.

They added that inflation pressures remain under control over the medium term, yet prices are estimated to show some volatility and inflation expectations in the medium to longer term remain firmly anchored. For 2011, inflation is expected to be moderate, benefiting from low inflation price pressures.