ECB board members divided on rates, Spanish official says

A number of members of the European Central Bank's board are pushing for an immediate interest rate cut in line with this week's emergency move by the Federal Reserve, Spain's finance minister says. The ECB has held rates at 4% since the credit crunch hit in August. ECB President Jean-Claude Trichet repeated the position that there should be no rate cut because inflation is the main threat to European economies. "There is one needle in our compass, price stability," Trichet said at the World Economic Forum in Davos, Switzerland.

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