Central banks hold rates steady

The European Central Bank and the Bank of England kept their benchmark interest rates steady on Thursday as they assess whether current policies have been enough to halt the economic slide in Europe. The Bank of England left its rate at 0.5 per cent,as some economists grow increasingly concerned that Britain’s economic recovery could slow or even stall.

The ECB is in a slightly stronger position,confident that a recovery in the 16-nation euro area is beginning to materialise. But at its meeting in Venice,it left its benchmark at 1 per cent. A news conference was planned for later,but economists said the bank wants to keep monetary policy loose to ensure the nascent upswing can strengthen.