The European Central Bank has held the benchmark eurozone interest rate at the record low of 0.75%, as had been expected. The rate has been at this level for five months, after July's cut from 1%.Earlier today, the Bank of England also kept its main interest rate unchanged, leaving it at 0.5%.The eurozone is back in recession as austerity measures designed to reduce debt levels continue to undermine demand and confidence.The economy of the 17-member bloc contracted by 0.1% between July and September, after shrinking 0.2% in the previous three months.Meanwhile, the unemployment rate is at a record high of 11.7%. But inflation fell last month, from 2.5% to 2.2%, so there is little pressure on the ECB to raise interest rates.The eurozone was last in recession in 2009, when the economy contracted for five consecutive quarters.