European economies may be faltering, but that was not enough to push the European Central Bank to make an interest rate cut on Thursday.
Consumer data from the euro zone is mixed
Leaving Europe's sluggish recovery and the Madrid bombings aside, ECB President Jean-Claude Trichet kept interest rates static at 2% for the time being.
But looking ahead, a cut is more than likely, some economists insist.
"We think the rates will go down by 25 basis points in June," economist Sandra Petcov from Lehman Brothers told BBC News Online.
'Room for manoeuvre'
Ms Petcov said there are two reasons for this: Mixed consumer data makes it very hard at the moment to judge how Europe's economies are faring, while in June the bank will have staff reports on hand to consult.
"The situation at the moment is that things aren't bad enough to get them to cut," said Ian Stewart of Merrill Lynch.
But that does not mean things are good.
Household and business confidence - essential for an upturn - was down for a second month in a row in March and had hit a five-month low, according to the European Commission.
The European Union's statistics office also released downbeat news that the euro-zone's annual inflation rate was 1.6% in March, unchanged from February.
The 1.6% rate is the zone's lowest since November 1999 and below the 2% rate around which the ECB aims to keep inflation.
This means that had the ECB decided to cut interest rates, it would have been easily justified.
There has been political pressure, especially from Germany and from France where the ruling party suffered big losses at regional elections.
Businesses also want lower rates in order to stimulate growth and relieve upward pressure on the euro in order to make their exports more competitive.
Firms bemoan the high cost of raw materials, the widening of the US budget and current account deficits, exchange rate volatility plus the risk of more terrorist attacks, and they insist that this could hinder world economic growth.
But the ECB economists continue to maintain the current 2% rate is not obstructing recovery.
And as spring arrives, there are some signs that Europe's economic gloom is lifting.
Economic sentiment improved in March, although only marginally, the Commission said.
Growing optimism in the retail and construction sectors was responsible for this change of heart.
"The picture on business and consumer confidence in Europe in March has been rather better than expected. You haven't seen anything like the reaction that you saw
in 2001 to the terrorist attacks in America," continued Mr Stewart.