ECB holds rate at 4%

European Central Bank President Jean-Claude Trichet kept interest rates unchanged Thursday, as he has throughout the credit crunch, despite demands for action. Trichet has focused on battling inflation, now at a record 3.5% in the region. "We have one needle in our compass. We have to deliver price stability," he said. Critics say Trichet and the ECB have their heads in the sand and can't see the coming tidal wave.

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