The European Central Bank has ruled out a further interest rate increase in June but could raise official borrowing costs later this summer in its battle against surging eurozone inflation, the bank’s president has indicated.
In comments that sent the euro sharply lower, Jean-Claude Trichet signalled on Thursday that the pace of interest rate increases in the 17-country eurozone would not be as rapid as some analysts had expected.
His comments hinted at ECB caution after the bank stole a lead on the US Federal Reserve and Bank of England last month by starting to tighten monetary policy. The ECB council met just hours after the unveiling of a bail-out plan for Portugal, the third eurozone country to require outside aid.
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