ECB raises interest rates to 3.5%

European Central Bank president Jean-Claude Trichet said Thursday 7 December it was essential to act in a "firm and timely manner" to safeguard price stability in the eurozone.

"Looking ahead, acting in a firm and timely manner to ensure price stability in the medium term is warranted," Trichet said in his introductory statement to the ECB's monthly news conference after the central bank raised eurozone interest rates to 3.50 pct from 3.25 pct in a widely expected move.

Trichet said the ECB "will

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