Bonello: ECB to wait and see on interest rates

The European Central Bank (ECB) will keep its options open regarding interest rates until its next meeting, which is set to take place in January, it has been asserted.

Michael Bonello, a member of the ECB's Governing Council, made his comments when asked by reporters whether his opinion corresponded with market expectations of a 50 basis point reduction in the benchmark lending rate in January.

In news which could well have an impact on foreign currency exchange markets, he said: "No. We will have to wait till the next year ... There is nothing at this stage that is different from last week."

Last week saw the ECB reduce interest rates by 75 basis points - and economists are predicting a further reduction next month, online resource Reuters notes.

The ECB Governing Council is the main decision-making body of the bank and consists of six members of the executive board as well as the governors of the national central banks of the 15 countries which have the euro as a currency.