Trichet Says ECB Rate Rise to Curb Inflation (Statement)
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Trichet Says ECB Rate Rise to Curb Inflation (Statement)
European Central Bank President Jean-Claude Trichet speaks at a news conference in Frankfurt about the ECB's decision today to raise its benchmark lending rate by a quarter point to 4.25 percent to a seven-year high to fight inflation even as the economy cools. Policy makers say they're worried that the fastest inflation in 16 years will develop into a wage-price spiral as workers demand more pay to compensate for rising costs. The risk is that higher interest rates deepen Europe's economic downturn. (This excerpt is Trichet's statement. Source: European Central Bank)
Bloomberg | July 3, 2008
