ECB holds rates, offers injection

The European Central Bank (ECB) decided Thursday to keep its benchmark rate at 4%, after promising extra liquidity to the markets Wednesday.

Jean-Claude Trichet, the president of the central bank, said "The financial market volatility and reappraisal of risk of recent weeks have led to an increase in uncertainty."

Trichet added that recent data revealed inflation is likely to rise in the medium term.

He said that the central bank would try to counter the threat of inflation "by acting in a fir

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