The president of the European Central Bank President Jean-Claude Trichet is defending the bank's tough stance on inflation _ and repeating there's a chance it could raise rates at its next monthly meeting.
Jean-Claude Trichet says he won't exclude that the bank could increase rates "by a small amount," a comment that startled markets and helped send oil prices higher when he first made it last week.
Speaking at a forum in Paris Trichet told listeners Monday that the key to weathering the current economic challenges, which include spiraling energy and food prices, is to keep inflation under control. Central banks do that with higher rates _ which can raise borrowing costs for individuals and businesses.
