Extracts from the press conference by Jean-Claude Trichet, President of the ECB, following the ECB Governing Council meeting
On 03/03/2011 in Frankfurt, Jean-Claude Trichet, President of the European Central Bank, gave a press conference following the ECB Governing Council meeting.
The ECB Governing Council decided to leave the bank's key interest rates unchanged at record low levels, despite pressure on inflation.
Nevertheless, Jean-Claude Trichet indicated that strong vigilance was warranted to signal to markets that a rate increase was due in coming months.
The whole Governing Council was prepared to act in a firm and timely manner. The ECB was ready to act soon to make sure inflation did not become entrenched in the 17-country eurozone. The ECB's key refinancing rate had stood at the same record-low level since May 2009.