After the European central bank governing council voted to keep rates unchanged at 1.5%, the Bank's chairman, Jean-Claude Trichet said that the current economic conditions remain highly uncertain, while inflation is expected to remain above the Bank's target of 2.0%, in addition the chairman said that the bank forecasts for gross domestic products' growth was revised lower and could average between 1.4% and 1.8% in this year, while forecasts for 2012 averaged between 0.4% and 2.2%.

Regarding Italy, Trichet said that the austerity measures confirm first commitment of Italy, while approving the austerity plan and implementing it should be considered an extreme importance.

In attempts to ease the debt jitters, and after he assured the readiness to provide liquidity, Trichet said that liquidity is not an issue for euro area banks.