European Central Bank president Jean-Claude Trichet has said economic growth in the euro zone could be lower than previously expected due to the current world financial crisis.
Mr Trichet told the European Parliament that although the ECB was sticking with its forecast for 2% growth this year, risks to this figure were growing.
He also stressed the importance of keeping inflation. The remarks dampened hopes that the ECB would follow the US Federal Reserve in cutting interest rates.
'In all circumstances, but even more particularly in demanding times of significant market correction and turbulences, it is the responsibility of the central bank to solidly anchor inflation expectations,' he said.
Later, Germany's economy minister called on the ECB to resist pressure to lower euro zone interest rates following the Fed's spectacular cut. Michael Glos told reporters in Berlin that the bank had a 'clear mission' to maintain price stability. 'It must not allow itself to be pressured,' he added.
