ECB Paves Way For August Rate Hike

Though the central bank left rates unchanged for July, its concerns over credit and money supply point to a hike at its next meeting

The European Central Bank (ECB) did the expected and left official interest rates unchanged on July 6. However, ECB President Jean-Claude Trichet stressed that the bank will exercise "strong vigilance" with regard to upside risks to price stability, which effectively paves the way for a rate hike in August.

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