Chart of the Day: Interest rates in the Euro Zone, UK and USA

The US Fed is doing it, the Bank of England is doing it, so why is the European Central Bank sitting on its hands and refusing to budge policy interest rates lower? Do they think that the Euro Zone will be largely immune from the credit squeeze? Are they not concerned about the abnormally high value of the Euro against the US dollar which is putting so much pressure on western European exporters? Euro Zone rates have been on hold for a year now.