ECB's Trichet Says Decision to Raise Rates Was Unanimous

European Economy | Written by CEP News | Jul 03 08 13:36 GMT |
(CEP News) Frankfurt - During the Q&A period following European Central Bank President Jean-Claude Trichet's introductory remarks, Trichet stressed that the decision to raise rates was unanimous and that the central bank would do whatever was necessary to deliver on its mandate of price stability.

The primary concern of the euro zone citizens is inflation, Trichet said, adding that there was "absolutely no contradiction" between the ECB's mandate and what the people want.

Trichet pointed to increasing price stability risks and emphasized that the central bank's purpose was to deliver on price stability and anchor inflation expectations.

"Our message is the same since the very beginning," Trichet said.

The ECB president emphasized that the central bank needed to be credible in the delivery of its monetary policy and that confidence in the ECB was essential.

By Todd Wailoo, twailoo@economicnews.caThis email address is being protected from spam bots, you need Javascript enabled to view it , edited by Cristina Markham, cmarkham@economicnews.caThis email address is being protected from spam bots, you need Javascript enabled to view it

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