Mersch says ECB ready to raise rates again

With inflationary pressures evident in the eurozone, the European Central Bank stands ready to raise interest rates again whenever necessary, Governing Council member Yves Mersch said at the presentation of the Luxembourg central bank's annual report.

Rates are still low despite last week's increase, the amount of money sloshing around the economy is "excessively abundant" and ECB monetary policy remains accommodative, Mersch told a news conference.

"We are absolutely open to switch to the 'vig