The European Central Bank released its monthly report on October 13, explaining the bank's actions and moves during the last policy meeting, where the bank kept key interest rates unchanged at 1.50%, after the previous raise back in July in order to strengthen confidence, growth prospects and jobs creation.

After the European central bank's Governing Council voted to leave key rates unchanged at 1.50%, the Bank said in the monthly statement today that the current economic conditions remain highly uncertain, while inflation is expected to remain elevated above the Bank's target of 2.0% over the coming period, while risks to economic growth remain on the downside.

The bank will also start a new 40 billion euros of covered bonds purchases starting from November. In addition, the Bank will offer 12 and 13-month loans for banks with full allotment and finally will extend the money operations at least till July 2012.

Regarding the current situation in Europe, Trichet called on all governments in the press conference in Berlin to show determination, to take decisive actions and to implement measures to reduce deficits, while nations under bailouts should implement reforms in order to stimulus growth and recovery.