An image of the planned new headquarters of the European Central Bank in Frankfurt. ECB President Jean-Claude Trichet layed the foundation stone on May 19, 2010. The €850m headquarters will consist of two towers—one 41 floors high and the other 44 floors—joined by a massive conference and visitor centre where a historic fruit-and-vegetable market once stood. It will be completed in 2014. Trichet's eight-year term expires in October 2011.

The European Central Bank (ECB) as expected kept its benchmark interest rate on hold at 1.0%, at a meeting of the governing council in Frankfurt, today. The ECB president, Jean-Claude Trichet, will address a press conference and he is expected confirm the continuation of emergency funding for Eurozone banks into 2011.

GDP (gross domestic product) increased by 1.0% in both the Eurozone (EA16) and the EU27 during the second quarter of 2010, compared with the previous quarter, according to the latest estimates released by Eurostat, the statistics office of the European Union, today. In the first quarter of 2010, growth rates were +0.3% in both zones. Growth outpaced US and Japan.

However, Eurostat raised its estimate for the rate of expansion relative to the second quarter of 2008 to 1.9% from 1.7% previously. That reflected an upward revision in Eurostat's estimate of first-quarter growth to 0.3% from 0.2%.

Trichet is also expected to issue new staff forecasts, which are likely to be revised up following the fastest growth in the second quarter in four years. However, caution is expected because of the bumpy recovery in the US.

Bundesbank president and ECB council member Axel Weber, signalled last month that he favoured the ECB maintaining support for banks through end-of-year liquidity tensions before deciding early next year when to withdraw emergency measures.

The press conference begins at 1:30 pm Irish time.

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