European Central Bank chief economist Otmar Issing said the ECB will act "at any time" on interest rates if necessary. "If necessary, we will act, and we can act at any time," he told reporters on the sidelines of a conference here. Issing also said the ECB's decision to raise interest rates by 25 basis points last week should not necessarily be seen as the start of a series of hikes. The interest rate hike is "not to be seen as a move that will automatically be followed by other" rate increases, he said. Issing reiterated comments made by ECB president Jean-Claude Trichet, who said last week that the central bank has not already decided that the rate hike will be the first of a series of tightening moves. Issing's comments also echo those of governing council member Yves Mersch, who told the Financial Times that the ECB could raise rates again at any time. Turning to growth in the euro zone, Issing said he expects "a moderate, but marked recovery" of the economy, pointing to the ECB's most recent growth projections. The central bank last week raised its forecast for 2005 GDP growth to 1.4 pct from 1.3 pct, and its projection for 2006 growth to 1.9 pct from 1.8 pct. It sees 2007 growth at 1.9 pct.