Yesterday the Council of the European Central Bank (ECB) decided to leave the three key interest rates at 4.00 %, 5.00 % and 3.00 % respectively.
The ECB president, Mr. Jean-Claude Trichet, however, made quite clear that in the near future the interest rates will be raised, if price increases for energy and foodstuffs were to lead to exagerated collective wage agreements. Trichet said that protection against inflation „is the top priority of the ECB council“. He continued: “The ECB council watches the collective wage negotiations in the Eurozone with particular attention“. In his opinion the crisis on the financial markets is not over yet.