FXstreet.com (Barcelona) - Jean-Claude Trichet, President of the European Central bank, held today the press conference following the Monetary Policy Comittee Meeting, and affirmed that the Bank remains ready to counter upside risks to price stability in light of the increased inflation rate which reached the 3.0% level in recent estimations.

Regarding economic activity, Trichet, added that fundamentals in the Euro Zone remain sound. However, volatility in financial markets remains high, posing downward risks over the real economy, creating the necessity to monitor very closely all developments to get a complete assessment of the effect of such developments over bank balance sheets, financing conditions and money credit growth.

The president also said that the ECB will act in a firm and timely manner to ensure that risks to price stability do not materialize. In times of financial volatility one important task of the ECB is to anchor medium and long term inflation expectations in line with price stability.