European Central Bank Rate Decision Timeline

January 11 2007 --The European Central Bank left interest rates unchanged at 2.50%, choosing not to raise rates like it did in December, when it raised rates by 25 basis points.

Video: ECB Leaves Rates on Hold "CNBC Plus users"

February 8 2007 -- The ECB left rates on hold, but in the press conference following the decision President Jean-Claude Trichet mentioned the key phrase "strong vigilance", citing volatility in the quarter-on-quarter growth rates of real GDP, and signaling the possibility of a rate rise in March.

Video: Expect ECB Rate Hike in March "CNBC Plus users"

March 8 2007 -- The ECB raised interest rates by 25 basis points to 3.75%, citing "ongoing robust growth in the euro area".

April 12 2007 -- The central bank kept rates unchanged at 3.75%, citing a "favorable economic environment."

Video: ECB Keeps Rates Unchanged "CNBC Plus users"

May 10 2007 -- The European Central Bank left rates unchanged at 3.75%, but President Jean-Claude Trichet did emphasize that "strong vigilance is of the essence" in order to curb inflation, indicating future rate hikes. Analysts priced in a further interest rate increase after June.

Video: ECB Rate Decision Analysis "CNBC Plus users"

June 6 2007 -- The euro zone central bank raised interest rates by 25 basis points to 4%, stating "prevailing upside risks to price stability over the medium term", i.e. inflationary pressures. The hike marks a doubling in the main rate compared to 18 months before.

Video: ECB to Hike Rates Further? "CNBC Plus users"

July 5 2007 -- The ECB left rates unchanged at 4%, saying that "overall financing conditions (are) favorable, money and credit growth vigorous, and liquidity in the euro area ample." In the subsequent press conference President Jean-Claude Trichet signaled that a rate rise in either September or October is a possibility.

Aug. 2 2007 -- The European Central Bank did not have a monetary policy meeting, but did hold a telephonic press conference in light of the US subprime mortgage market problems.

Video: ECB Expected to Hike in September

Sept. 6 2007 -- The central bank left interest rates unchanged at 4% despite having signaled a rise. President Jean-Claude Trichet noted the increased volatility and uncertainty in the financial markets in his statement, saying the monetary committee will pay "great attention" to the developments.

Video: ECB Keeps Rates on Hold at 4%

Oct. 4 2007 -- The ECB left rates on hold at 4%, citing favorable conditions in the euro area economy and stressing that unemployment had fallen, the euro had strengthened against the dollar and the continued volatility in the financial markets remained a problem.

Video: ECB Holds Rates at 4%;

Nov. 8 2007 -- The European Central Bank left interest rates unchanged at 4%, saying that the "ongoing reappraisal of risk in the financial markets" had led to continued uncertainty, with the euro reaching record highs against the dollar, oil heading towards the $100-a-barrel mark and economic data remaining mixed.

Video: European Central Bank Keeps Rates on Hold

Dec. 6 2007 -- The ECB left rates on hold at 4 percent, saying that "the reappraisal of risk in financial markets is still evolving" and is "accompanied by continued uncertainty about the potential impact on the real economy".