Representatives of the ECB makes it clear that they intend to continue to raise rates

Representatives of the Board of Governors of the European Central Bank (ECB) have hinted that the central bank intends to continue tightening monetary policy as the eurozone's economic recovery is gaining momentum, while inflation accelerates. "The expectations of investors, involving raising the base interest rate by another 50 basis points in 2011, justified" - the head of the Central Bank of Austria, Ewald Nowotny in an interview with Bloomberg News. President of the Central Bank of Belgium Luc Cohen noted that the current monetary policy of the European Central Bank is "very challenging". In addition, the head of the Bundesbank Axel Weber said the presence of significant inflationary pressures in the euro-zone economy, also noting that the policy of the ECB is challenging. "Obviously, the ECB Governing Council members agree that it is necessary to continue to raise rates," - noted economist, Citigroup Inc. on European markets, Jurgen Michaels. ECB at its April meeting raised the base interest rate for the first time since July 2008 - by 0.25 percentage points to 1.25% per annum. The consensus forecast of experts polled by Bloomberg, suggests that the ECB raises rates to 1.75% per annum in 2011. Inflation in the euro area accelerated in March to 2,7% - maximum level since October 2008, exceeding the ECB's target level (2%), the fourth consecutive month. The fact that the ECB raises rates, while the U.S. Federal Reserve did not even give a hint at the planned rate increases, located in the target range of 0-0,25% per annum, may support the euro, experts say. The euro exchange rate against the U.S. dollar on Monday at $ 1.4369 from $ 1.4430 at the market close on Friday. According to the forecast of the International Monetary Fund, the eurozone economy will grow in 2011 to 1,6% in 2012 - 1,8%. On materials the Interfax-Ukraine