Trichet signals ECB rate rise with 'strong vigilance' code

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SimonMac replied

10 June 2011, 09:27
Can you change the title, I was unsure as to why the English Cricket Board cared about a rate rise
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TimberWolf replied

10 June 2011, 09:25
Gold broke another all time record today
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AtW started a topic Trichet signals ECB rate rise with 'strong vigilance' code

10 June 2011, 00:47
Trichet signals ECB rate rise with 'strong vigilance' code

European Central Bank president Jean-Claude Trichet signalled that eurozone interest rates could rise as early as next month, saying "strong vigilance is warranted" to curb rising inflation.

He was commenting after the bank held interest rates at 1.25pc on Thursday.

The ECB used the phrase "strong vigilance" in March before increasing rates in April. It also used the phrase repeatedly between 2005 and 2007, typically one month before it raised rates, although not always.

Mr Trichet said evidence since the ECB's May meeting confirmed "continued upward pressure on overall inflation mainly owing to commodities and energy prices".

"On balance, risks to price stability are on the upside, accordingly strong vigilance is warranted. On the basis of our assessment we will act in a firm and timely manner," he said.

The euro fell more than a cent after Mr Trichet's remarks to $1.4484.

Source: Trichet signals ECB rate rise with 'strong vigilance' code - Telegraph

AtW's comment: good to see that someone competent is in charge of ECB - euro zone is in safe hands, well done!
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