It is now obvious the economies in the euro zone are on the brink of recession and as a result, the European Central Bank (ECB) kept interest rates unchanged at 4.25%, a 7-year high, in order to fight inflationary pressures in the euro zone. Officials of the ECB policy makers met in Frankfurt today and decided to kept rates unchanged. This decision was predicted by most economists surveyed. According to analysts, the ECB will likely wait until the end of the first quarter of next year to decide whether or not to reduce interest rates.