ECB holds rates, but "stands ready" for rise

The European Central Bank (ECB) on Thursday decided to hold its benchmark rate at 4%.

Speaking in Vienna on Thursday, Jean-Claude Trichet, the president of the ECB, said inflation was likely to rise over the medium term and that ECB "monetary policy stands ready to counter upside risks".

Inflation has risen to 2.1% in September, above the central bank's target of slightly below 2%, from 1.7% in August.

But the president said that the central bank needed to gather more data before the ECB can

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