ECB monthly bulletin for February's rate decision, which showed no change in interest rate, confirmed that economic outlook is subject to high uncertainty and downside risks.

The bulletin echoed Mario Draghi's words that there are tentative signs of stabilization in economic activity at a low level. Although growth was weak in the fourth quarter, recovery is expected to take place gradually throughout 2012.

As for inflation, the rate is likely to remain above the 2% target for several months; thereafter, it will fall below it, where the current monetary policy helps in approaching the 2% target over the medium -term target.

Finally, the bank said it will continue support to financial institutions through non-standard measures which proved to be effective since its launch in December, referring to the three-year longer-term refinancing operation (LTRO).