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FRANKFURT: The European Central Bank and the Bank of England both left their key interest rates unchanged yesterday at record lows.

The ECB left its main refinancing rate at 1 percent while the Bank of England left its rate at 0.5 percent.

Analysts had expected both banks to hold steady. ECB President Jean-Claude Trichet has said that governments need to have exit strategies from the large economic stimulus packages of recent months at the ready, but has also stressed the severity of the economic downturn.