ECB may hike rates
Source: Agencies |
March 4, 2011, Friday
|
Print Edition
Print Edition
THE European Central Bank yesterday said it could soon increase interest rates, raising concerns about the implications for struggling eurozone countries as European Union leaders strive to find a solution.
If the central bank were to raise interest rates to stem inflation, possibly as early as next month, it would push up the costs of borrowing across the 17-country eurozone, increasing the cost of funding for highly indebted countries such as Greece, Ireland, Portugal and others on the eurozone periphery.
ECB President Jean-Claude Trichet was explicit in a news conference after the bank decided to keep interest rates on hold at a record low 1 percent, saying: "An increase in interest rates at the next meeting is possible."
If the central bank were to raise interest rates to stem inflation, possibly as early as next month, it would push up the costs of borrowing across the 17-country eurozone, increasing the cost of funding for highly indebted countries such as Greece, Ireland, Portugal and others on the eurozone periphery.
ECB President Jean-Claude Trichet was explicit in a news conference after the bank decided to keep interest rates on hold at a record low 1 percent, saying: "An increase in interest rates at the next meeting is possible."
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