Three members of the ECB kept the focus on inflation control on Wednesday, doing nothing to counter the impression promoted by German member Axel Weber that the next move in euro zone interest rates may be upwards.
Klaus Liebscher, Austrian member of the ECB's rate-setting governing council, led the charge with a vow that the European Central Bank would do everything that was needed to prevent an overrun of inflation. Luxembourg's Yves Mersch, speaking in Prague, said there was no reason for now, credit crunch included, to err from the view that growth would remain relatively healthy.
Finland's Erkki Liikanen meanwhile said the risks on growth were tilted to the weaker side, while inflation dangers pointed in the opposite direction, notably because of higher oil and food prices, and also on the wage front.
The ECB, which has doubled interest rates since late 2005, left its benchmark unchanged at 4.0 percent in September, arguing that the credit crunch which hit in August had increased uncertainty and it would take time to see things more clearly. Weber departed from the non-committal rhetoric of ECB chief Jean-Claude Trichet this week to say "additional action" may be needed due to likely rises in inflation pressures.