As the ECB announced its interest rates leaving them steady at 1%, following was President Jean-Claude Trichet speaking at a press conference stating that economic recovery remains uneven while the current interest rates are appropriate. Trichet's outlook for the economy is that growth will be witnessed but at a moderate rate during this year while still there are low inflationary pressures over the medium term.

Also in the press conference, it was stated that Trichet has no doubt that Greece is going to narrow the budget deficit to 8.7% from 12.7%, while he said that he was not against the IMF helping Greece with their fiscal position.