Following the rate decision of July, President Jean-Claude Trichet confirmed that the current interest rate is appropriate for the current phase as price developments remain subdued.

He said growth will be moderate as uncertainty is still surrounding the economy.

With regard banks tests, he welcomed the European council's decision to announce the stress test results, confirming that appropriate action will have to be taken if needed after bank stress tests. He urged banks to retain profits to boost capital and benefit from the government's offers.