The European Central Bank has left its key interest unchanged at 1 percent

ECB keeps rate at 1 pct for 11th month in a row

FRANKFURT, Germany — The European Central Bank has kept its benchmark interest rate at a record low of 1 percent for the 11th month running as the 16 nations that use the currency find recovery from recession fragile.

In the press conference after Thursday’s decision by the ECB, the bank’s president Jean-Claude Trichet is expected to keep his dovish tone — especially as many countries in the eurozone enact big budget cuts to get their financial houses in order.