The European Central Bank has raised interest rates 25 basis points.The move reflects "upside risks to price stability" in Europe, said Jean-Claude Trichet, president of the ECB. "Continued strong monetary and credit growth in an environment of ample liquidity point to upside risks to price stability over the medium to longer term," the ECB president said. "Monetary developments therefore continue to require very careful monitoring, particularly against the background of improved economic conditions and continued strong property market developments in many parts of the euro area."

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