Euro zone rate rise signals ECB serious

The European Central Bank's interest rate rise sends a signal that it is serious about combating inflation, policymakers said as they staged a public relations offensive to justify Thursday's increase.

A day after raising rates to a seven-year high of 4.25 percent, policymakers around the 15-nation region denied that the hike would choke economic growth and said soaring inflation was a bigger danger to consumers.

Luxembourg's Yves Mersch said the ECB could do little to influence soaring international commodity prices but it could take steps to head off local wage pressures.

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- Posted: 2008-07-04 09:31:07

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