The ECB stuck to its warnings of strong vigilance over inflationary risks in the euro zone and said it was more positive about economic growth - comments that could signal an impending interest rate rise.
After the European Central Bank (ECB) today held its benchmark refinancing rate at 2 per cent, ECB President Jean-Claude Trichet said he had made it clear the ECB could move to change interest rates at any time if that were necessary to maintain price stability.
"We can move at any time, and we have warned the market very clearly of this," Mr Trichet said.
Mr Trichet was somewhat more confident about growth, saying global demand would benefit euro area exports, and low interest rates would benefit investment demand.
"Although economic growth has been dampened by the marked increase in oil prices over recent quarters, it appears that the euro area economy has shown considerable resilience to this shock," he said.
In the ECB's monthly policy statement, Mr Trichet repeatedly said strong vigilance was needed and that its monetary policy stance still remained appropriate, language that was very similar to its October statement.
"At the same time, strong vigilance with regard to the upside risks to price stability is warranted. Strong vigilance is also called for in the light of ample liquidity and buoyant monetary and credit growth in the euro area," Mr Trichet added.
Markets had expected the ECB to toughen its warnings from "strong vigilance" used in October if it had wanted to signal plans for a credit tightening in December.
However, strengthening economic prospects would be another factor bringing a rate rise a little nearer, because it would heighten inflationary dangers and remove concerns that higher borrowing costs would damage the pace of recovery.