As signalled at the January policy meeting three weeks ago, the ECB governing council left its main interest rate unchanged at 2%. It was the first unchanged decision since the start of the current easing cycle in October of last year. During the press conference, ECB president Trichet however as expected, hinted at a rate cut at the next meeting in March, but declined to confirm the size of the rate cut. Nevertheless based on the much more downbeat assessment of the economic outlook and the increasing downward inflation risks acknowledged by Mr Trichet, current market expectations for a 50 basis points rate cut look justified......click HERE to find the complete analysis.