FXstreet.com (Barcelona) - The President of the European Central Bank has reaffirmed its determination to act against inflation as the main goal of the Bank's monetary policy, in first conference given after the release of the Bank's monetary policy decision of maintaining interest rates on hold at 4.0.

Trichet has confirmed the existence of strong short-term upward pressure on inflation, as he warned about upside risks to price stability over the medium term, in a context of very vigorous money and credit growth.

The Economic fundamentals of the Euro Area remain sound ion Trichet's opinion, which will help to face a forthcoming period of moderate GDP growth, as the latest macro economic indicators show, however the level of economic uncertainty resulting from the turmoil in credit markets remain high.

In this scenario, Trichet assured that maintaining price stability in the medium term is the primary objective of the Bank's Monetary Policy.