Trichet says 'very close monitoring' on price risk

European Central Bank president Jean-Claude Trichet told a press conference on Thursday 11 January that the ECB will act in a "firm and timely manner" to ensure price stability but did not reintroduce a commitment to exercise "vigilance" on inflation risks.

In his introductory statement to the ECB's monthly news conference, Trichet said "very close monitoring of all developments is of the essence so that risks to price stability over the medium term do not materialise".

"Looking ahead, acting i

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