The European Central Bank decided the surprise cut in euro-zone interest rates 10 days ago was a sufficient economic impetus for the time being and held rates steady at its regular fortnightly meeting yesterday.

However, economists said they expected the bank to cut rates again, perhaps in October, in face of overwhelming global economic uncertainty.

Few observers had been expecting any action again this week following the shock cut last week taken in concert with other major central banks around the world and also, exceptionally, taken outside the ECB's regular fortnightly deliberations.