ECB Keeps Benchmark Rate Intact to Fight Inflation

May 8 (Bloomberg) -- The European Central Bank kept interestrates at a six-year high today to fight inflation, even as theeuro's appreciation and fallout from the U.S. housing slump curbeconomic growth. The Frankfurt-based ECB left its benchmark refinancing rateat 4 percent, as predicted by all 53 economists surveyed byBloomberg News. The central bank won't lower borrowing costsbefore September, according to a separate survey. With soaring food and energy prices pushing inflation above 3percent in the 15-nation euro region, the ECB is reluctant tofollow the U.S. Federal Reserve in cutting interest rates to shoreup economic growth. The International Monetary Fund estimatesexpansion will weaken to 1.4 percent this year from 2.6 percent in2007 as the stronger euro hurts exports and the U.S. housing slumptriggers a global slowdown. Since then, economic data have suggested Europe's economy iscooling. Executive and consumer confidence declined to the lowestlevel in more than two years in April and European retail salesdropped 1.6 percent in March from a year earlier, the most since