Bini Smaghi says rate to rise if justified by data

European Central Bank board member Lorenzo Bini Smaghi said on Wednesday 18 January that the ECB will raise its interest rates if new economic data justifies this move.

Speaking in Florence, Bini Smaghi said that each month new information arrives at the ECB, and each month the ECB makes its decision based on the data.

"It is important to have confidence in an institution that assures low inflation," he said.

"If the data confirms reasons for increasing them (rates) we will increase them. If

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