ECB's Bini Smaghi says rates could rise

The European Central Bank could raise its official interest rate to 2.25 pct from 2.00, when the bank's governing council meets tomorrow, said ECB executive Lorenzo Bini Smaghi on Wednesday 30 November.

He was speaking via videoconference at a fashion conference in Milan, and said rates are rising faster in the US than in Europe.

In other comments, he said Italy's unit cost of labour is out of line with France and Germany, and this is affecting the country's competitiveness.

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