The European Central Bank (ECB) today left interest rates unchanged at 4%. In a surprise press conference after the announcement, Jean-Claude Trichet, the president of the central bank, dropped a strong hint that rates will rise at the next meeting in September.
Trichet signalled the likely move in September with a reference to the need for "strong vigilance" against inflationary pressure. In the current tightening cycle, which started in late 2005, Trichet has used the "strong vigilance" phra
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