Trichet indicates rates to remain at 4%

Jean-Claude Trichet, the president of the European Central Bank (ECB), signalled that the Governing Council will leave rates unchanged for the foreseeable future despite mounting evidence that the credit crunch could severely impact the real economy.

The ECB kept rates on hold for the tenth straight month on Thursday 10 April. Following the announcement, Trichet acknowledged that the current period of high inflation could last for longer than previously thought.

"We are experiencing a rather

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