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The E.C.B. left its main rate at 0.75 percent, where it has been since July. Recent surveys of business sentiment have raised expectations that the euro zone could be slowly recovering, although there is also concern that the rising value of the euro against the dollar could undercut the fragile gains.

Recent data have supported the E.C.B. view that the euro zone will emerge from recession later this year. New orders to German industry rose 0.8 percent in the fourth quarter of 2012.

But the recovery is threatened by the rising value of the common currency, which could hurt exports by making euro zone products more expensive for foreign buyers. In recent weeks, the euro has risen substantially against the dollar, to the highest levels in a year.

Few analysts had expected the E.C.B. to shift its monetary policy Thursday. Some predict that the benchmark rate could stay at its present level for an extended period as the euro zone slowly returns to growth.

"We expect interest rates to be on hold at 0.75 percent until 2017 and only significant changes in the economic environment would trigger a change one way or the other," Marie Diron, senior economic adviser to the consulting firm Ernst & Young, said in an e-mail before the decision.

Although there was no change in rates, the E.C.B. news conference later Thursday afternoon could prove eventful. Mario Draghi, the E.C.B. president, is likely to face questions about whether the bank will respond to the appreciation of the euro, which was up again midday Thursday, to nearly $1.36. Back in July it was trading just above $1.21.

A stronger euro means that products ranging from cars to wine become more expensive abroad, putting European producers at a disadvantage to foreign competitors.

Analysts do not expect Mr. Draghi to take steps to devalue the euro, but he could remind his counterparts at other central banks outside the euro zone of their promise not to start a currency war. If the value of one currency goes up, another currency must come down, making exchange-rate manipulation by central banks a zero-sum game that economists believe is counterproductive.

Mr. Draghi is also likely to face numerous questions about problems at the Italian bank Monte dei Paschi di Siena, which has required a €3.9 billion bailout by the Italian government. Mr. Draghi was governor of the Bank of Italy, responsible for bank supervision, during the period when Monte dei Paschi was getting in trouble several years ago.

Mr. Draghi's supporters have pointed out that there was a deliberate attempt by that bank's previous management to conceal the extent of their losses, and that the Bank of Italy did not have the authority to prevent Monte dei Paschi managers from making foolish decisions. Part of the bank's problems stem from its acquisition of regional bank Antonveneta in 2008 for €9 billion, a price considered much too high even at the time.

But at the very least, the case of Monte dei Paschi has illustrated the limits of bank supervision, and called into question whether the E.C.B. will be able to do a better job than national supervisors when it begins assuming supreme regulatory authority over banks in the course of this year.

The problems at Monti dei Paschi bank have also been exploited by Silvio Berlusconi, the former prime minister of Italy, as he attempts a comeback in elections at the end of this month. Mr. Berlusconi has run a populist campaign promising to undo some of the economic changes made by his successor, Mario Monti.

Italian politics aside, international investors are concerned about the new jitters the debacle could create in euro zone bond markets, which have calmed considerably lately.

"A government may well be formed on a platform that rejects some, if not most, of the Monti government's fiscal reforms," Carl Weinberg, chief economist at High Frequency Economics in Valhalla, New York, wrote in a note to clients Wednesday. "As uncertainty grows, the bond markets are becoming increasingly unsettled."