ECB rates up by 25bps to 3.5%

ECB raised the interest rate by 25 bps to 3.5% from 3.25%.
ECB Trichet Speech...
Trichet said "Looking ahead, acting in a firm and timely manner to ensure price stability in the medium term is warranted." And then he said that ECB ECB "will monitor very closely all developments so that risks to stability over the medium term do not materialise." ECB interest rates are still low, and the monetary policy remains accommodative, commented by Trichet. Money and Credit growth strong, and liquidity in the euro area ample by all plausible measures," Trichet said. This rate hike is intended to counter inflation risks, anchor inflation expectations and support growth.