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The ECB has been reluctant to cut rates as high food and fuel prices pushed inflation up to a record 3.6% in March, though this eased slightly in April.
However, analysts say the ECB may cut rates later this year as there are signs that eurozone growth is slowing.
Earlier, the UK's Bank of England left its main interest rate at 5%.
There was little reaction in the currency markets, as traders wait for ECB president Jean-Claude Trichet to speak at a press conference in Athens later.
He is expected to give his views on the inflation outlook and indicate the future direction of eurozone rates.
On hold
Despite signs of slowing growth in the region, many analysts consider that it will still fare better than the US and the UK because of its proximity to emerging markets in Eastern Europe and Russia, which will support exports.
"While the US economy has succumbed to stagnation and the UK economy is decelerating sharply, the eurozone has so far held up fairly well," said Holger Schmieding, Bank of America's chief European economist.
For this reason, he believes that the ECB is likely to keep rates at 4%, at least until after the summer.
In contrast, the US Federal Reserve has aggressively slashed its interest rate from 5.25% to 2% and the Bank of England has also been cutting UK rates.
Currency moves
The different approaches have sent the euro to record highs against the dollar and pound since the beginning of the year.
This has made eurozone exports more expensive and sparked criticism from some leading exporters, including plane maker Airbus.
And last month, the European Commission downgraded its forecast for eurozone growth this year to 1.7%, from its earlier prediction of 1.8%.
However, once inflation stabilises, it is thought the ECB will begin to cut interest rates, while analysts have begun to suggest that the US economy may now have turned a corner.
This drove the euro to a two-month low against the greenback in early Asian trade on Thursday, as confidence in the US currency returned.
One euro was worth $1.5285 at one point, the lowest level since 11 March.
(BBC)
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