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Eurozone jobless soars to 15m as ECB keeps interest rates on hold
THE European Central Bank (ECB) kept interest rates on hold at one per cent yesterday, where they are expected to stay well into next year, especially in the light of Eurozone unemployment hitting a 10-year high of 9.5 per cent in May.
ECB president Jean-Claude Trichet said: “We had not envisaged any new, other measure or operation. We consider that what we do now is appropriate.”
But Trichet did not rule out further cuts in rates should they be seen as necessary at a later date.
Official unemployment data yesterday showed that the number of unemployed in the single currency bloc on a seasonally adjusted basis rose by 273,000, taking Eurozone unemployment to more than 15m in May.