ECB holds rates, warns of inflation risk

The European Central Bank kept rates on hold at 4% on Thursday, with its president, Jean-Claude Trichet, reiterating that upside risks to price stability were "fully confirmed".

Trichet said: "According to the latest information, strong short-term upward pressure on inflation has continued, with HICP inflation remaining at 3.1% in December. As regards the medium term, and in a context of very vigorous money and credit growth, our assessment of upside risks to price stability has been fully co

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