Mersch says ECB ready to act on inflation

European Central Bank council member Yves Mersch said the bank would act if inflation expectations in the eurozone rise further after record oil costs raised prices this year.

``We cannot wait until risks have materialized,'' Mersch, 54, said in an interview in Luxembourg, where he has been central bank president for six years. ``Though inflationary expectations are at or below 2 percent, they have inched up a little.''

The ECB aims to keep the annual rate of consumer price increases just belo

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