After the European Central Bank's Governing Council voted to leave key rates unchanged at 1.5%, the Bank's chairman, Jean-Claude Trichet said in a press conference in Berlin 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.

Trichet also said European Central Bank launched a 40 billion euros covered bonds purchases starting from November. The Bank will also offer 12 and 13-month loans for banks with full allotment and finally will extend money operations at least till July 2012.

Regarding the current situation in Europe, Trichet demanded all governments 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.