The European Central Bank has kept it main interest rate steady at 1% today - as expected.
The ECB also kept two other benchmark rates, the marginal lending rate and the deposit rate, unchanged at 1.75% and 0.25%.
ECB president Jean-Claude Trichet told reporters after the meeting that interest rates remained 'appropriate'. He said economic activity in the euro zone expanded around the turn of the year, helped by a recovery in exports.
But Mr Trichet added that the euro zone economy would grow only at a 'moderate' pace this year, but the recovery would be uneven and subject to risks.
Mr Trichet told reporters at the conference that 'the decisions taken by the Irish Government have been very impressive'.
Asked to comment on Finance Minister Brian Lenihan's statement that the worse is behind the country, Mr Trichet said: 'We all have to remain alert - this is no time for complacency'.
The ECB President said that the bank had approved the Greek government's plans to bring its huge budget deficit back into line with EU limits by 2012, and was 'confident' the government would take the necessary decisions.
Greece plans to fix stats service
Mr Trichet said many euro zone members were facing high levels of debt and budget deficits, and would have to take steps to cut these.
Mr Trichet also said the ECB would take further decisions in early March on the timescale for phasing out some of the extraordinary lending measures taken by the ECB during the financial crisis.
Greece has a public deficit estimated at around 12.7% of gross domestic product and debt equal to 113% of GDP, far above the respective 3% and 60% limits established for euro zone members. This afternoon, the country's largest union called a national strike for February 24 in response to austerity measures ordered by the government to save the economy.
Earlier, the Bank of England kept UK rates steady at their record low of 0.5%.
