No Euro PS3 price cut in 2008

Sony Computer Entertainment Europe president David Reeves has confirmed that the company has no plans to adjust the price point of the PlayStation 3 for the rest of this year.

"There is no price cut," he told VG247. "We're not going to drop the price this year."

He also explained that software sales were the crucial element in the chain - more important than price points.

"Yes, absolutely, and I think it's the games for Nintendo," he said. "I think whatever price they're at, I think it's the games that have really, really driven it.

"We started off at the beginning of the year with GT5 Prologue, then we went to GTA IV, then Metal Gear Solid. There'll be LittleBigPlanet, and then we move onto PES and FIFA and all those.

"We're on rails, and I think that those games are going to drive it," he added.

The comments came following the Sony press conference on Wednesday, in which the 160GB PS3 SKU was unveiled alongside a new iteration of the PlayStation Portable.