ECB's Wellink says ECB should raise rates

European Central Bank council member Nout Wellink said in an interview that interest rates need to be increased because of rising inflation expectations.

``What is definitely clear is that we should tighten monetary policy in the period ahead,'' Wellink said in an interview with Bloomberg late Tuesday after an event in Amsterdam. ``There is a gradual increase in inflationary expectations.'' Money-supply growth, a gauge of future inflation risks, ``is at a very rapid pace at the moment. This is a

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