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Saturday 23 January 2010

Trichet says ECB always ready for action on any price threats

Posted Saturday 23 January 2010 - 18:45:46

The European Central Bank stands ready for action to tackle any threats to price stability, ECB President Jean-Claude Trichet was quoted on Saturday as saying.

In an interview with German news magazine FOCUS, Trichet said the ECB -- as well as the U.S. Federal Reserve -- was determined to protect price stability.

'We always take the decisions necessary to guarantee price stability over the medium term: an inflation rate below, but close to, 2 percent,' he said.

'It is precisely because of the challenges posed by price stability that we stand ready for action at all times.'

The ECB held rates at a record low 1 percent this month and economists do not expect rate hikes until the end of the year.

Trichet brushed off questions about whether lifting euro-zone interest rates would prompt a rise in the euro without parallel steps by the Fed, saying he trusted in U.S. support for a strong dollar.

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