The ECB's monthly bulletin for this month's interest rate decision, which showed a halt at the borrowing cost at 1.00% after cutting it in the previous two meetings, echoed the ECB's President's words on January 16 that there are tentative signs of a stabilization in activity at low levels, where the ECB's loans to banks will support growth through financing the real economy, hence preventing a credit crunch.

The bulletin referred to the improvement in data, most notably the rebound in confidence in Germany and France, and the retreat in bond yields seen at European auctions this week.