The ECB also gave no hint it had started to consider policy easing.
ECB President Christine Lagarde.
"The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook."
The bank ended its fastest ever rate-hiking cycle in September.
It has argued that even discussing a reversal would be premature as price pressures continue, and many wage negotiations have yet to end.
But investors have bet the ECB is wrong on both growth and inflation.
They say it will be forced to change course, and deliver five rate cuts in quick succession from early spring.
The big difference in expectations largely comes from a different outlook on growth.
There is disagreement on how much past rate hikes are slowing activity across the currency union.
The euro zone was probably in recession last quarter and got off to a slow start in January.
Inflation stood at 2.9% in December and the ECB does not expect it to fall back to its 2% target until next year.
But some analysts disagree and believe it will be back down at 2% even before the middle of this year.
