European Central Bank president Jean-Claude Trichet said today's ECB interest rate hike is intended to counter upside risks to price stability. The ECB will continue to monitor all developments on inflation risks, Trichet said in his introductory statement to the ECB's monthly news conference. Trichet said the central bank's monetary policy remains accommodative even after today's interest rate hike, while interest rates are still low. The ECB earlier lifted its benchmark refi rate by a quarter point to 2.75 pct, putting to rest lingering expectations of a bigger increase.