Trichet says markets misread ECB rate stance

European Central Bank president Jean-Claude Trichet said Thursday 6 April that eurozone governments need to use the current economic upturn to cut their budget deficits faster.

``The present high probability which is given for an increase of rates in our next meeting does not correspond to the present sentiment of the governing council,'' Trichet said at a press conference in Frankfurt after the ECB kept its benchmark rate at 2.5 percent. At the same time, interest rates are still ``very low''

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