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ECB sets sights on interest rate increase, but is one needed now?
(From AP Worldstream)
Byline: MATT MOORE
The European Central Bank is poised to raise its key interest rate this week for the first time since June 2003 _ even as the usual clamor for such an increase is overshadowed by concerns it may not be warranted.
The bank, which controls monetary policy for the 12-nation euro zone, has sent clear signals in the past two weeks that its key refinancing rate would be increased, likely to 2.25 percent from the 2 percent it has stood at since June 2003.
ECB President Jean-Claude Trichet said the bank's governing council was prepared to "moderately augment" interest rates _ a statement taken as the clearest sign yet that a rate increase is on the way to keep inflation in check.
That initially cheered analysts and economists, many of whom fidgeted as the ECB held…
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