While the European Central Bank kept its benchmark rate at 1%, it will cut back emergency...

|By:, SA News Editor

While the European Central Bank kept its benchmark rate at 1%, it will cut back emergency financing in the coming year - and link the rate on upcoming 12-month funds to the average of the benchmark over the year, rather than a fixed 1%, says President Jean-Claude Trichet. The ECB sees inflation at 1.3% next year and 1.4% in 2011. (Trichet statement)