Trichet also stressed that the ECB is never pre-committed and would do what was necessary to reach its objective.

"We only have only one needle in our compass," Trichet said, alluding to the central bank's singular focus of delivering stable prices in the euro zone.

The central banker also reiterated that he had no bias regarding interest rates.

The decision to keep rates on hold was unanimous, Trichet said. He explained that the only option on the table was to keep rates on hold.

Trichet also said the central bank had anticipated the slowdown in growth and that economic activity would trough in the second and third quarter of 2008 "following [a] brilliant Q1".

Turning to the U.S., Trichet noted with "extreme attention" comments from American officials regarding a strong dollar and always considered such comments to be important.

The central banker refused to comment further on the U.S. economy, short of saying that while it showed imbalances, the euro zone economy did not.

Trichet also stressed his position as the voice of the central bank. "I am the only one who speaks on behalf of the Governing Council."

However, the central bank president acknowledged that it was important for other members to communicate as much as possible.

By Todd Wailoo, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it

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