The European Central Bank left its benchmark interest rate at 1 per cent today, a record low.
The ECB governing council also left the interest rate on the marginal lending facility and the deposit facility at 1.75 per cent and 0.25 per cent respectively.
The ECB also reaffirmed its view that the euro zone's economic recovery would be modest and uneven this year.
"Euro area economic activity continued to expand around the turn of the year. Looking ahead, the Governing Council expects the euro area economy to grow at a moderate pace in 2010," European Central Bank president Jean-Claude Trichet told a news conference.
"The recovery is likely to be uneven and the outlook subject to uncertainty," he said.
Economists expect the euro zone economy to grow 1.2 per cent this year and 1.6 per cent next year, following an expected contraction of 3.9 per cent in 2009.
Analysts are already looking to the ECB's March meeting for any hints of further unwinding its crisis support measures.
"The Governing Council will, in early March, take decisions on the continued implementation of the gradual phasing-out of the extraordinary liquidity measures that are not needed to the same extent as in the past," Mr Trichet said.
The Bank of England also kept rates on hold, at 0.5 percent, and halted its quantitative easing programme after 11 months of asset purchases.
Markets were little changed by the decision.
"As expected, nothing happened," said Michael Schubert, economist at Commerzbank. "The important decisions will come in March, when the ECB will think about the next step of its exit strategy."
Reuters