The European Central Bank's Governing Council voted Thursday to keep the benchmark interest rate unchanged in September at 1.5 percent.

Bank officials meeting in Frankfurt, Germany, also maintained the ECB's marginal lending facility at 2.25 percent and its deposit facility at 0.75 percent, as expected.

It would take a full-blown recession for the ECB to really reverse course, Holger Schmieding, chief economist at Joh. Berenberg Gossler & Co. in London told Bloomber.

Having just raised interest rates it would be very, very embarrassing to say sorry, we apparently made a mistake. It is much more likely that they will offer even more liquidity assistance to banks to help ease tension in the inter-bank markets.

The ECB moved twice on rates this year raising rates by 25 basis points in April and in July. A basis point is one one-hundredth of a percent.