Euro-zone economists have long been concerned with so-called second-round inflation effects from soaring energy prices on consumer prices. The ECB raised its key interest rate 25 basis points in December and again in March, to the current 2.5%. Many economists expect this rate to reach 3% by the year-end, which has raised concerns among some economists that rising rates could strangle the euro zone's nascent economic recovery. Gonzalez-Paramo said Wednesday the ECB will continue to monitor risks to growth prospects. Chief among these risks are rising oil prices and global economic imbalances. On the other hand, Gonzalez-Paramo said the ECB will continue monitoring risks to prices. He said that the ECB is closely watching euro-zone credit growth. Tuesday, the ECB published data showing that housing purchase loan growth remained robust in February at 11.8%. "If monetary aggregates, in particular credit, show very dynamic growth or a close relationship to asset prices, they can be a source for concern," said Gonzalez-Paramo.