The European Central Bank's governing council has made no pre-commitment regarding the timing of the next interest rate adjustment, council member Klaus Liebscher said Monday. "There is no conclusion as to the timing," of any further move in interest rates, Liebscher, who is also governor of Austria's central bank, said on the sidelines of a press conference. Liebscher added there are risks to price stability which must be monitored, but there is no commitment to "the timing for the next quarter." His remarks follow those of ECB President Jean-Claude Trichet Thursday, when he said the council will monitor risks very closely, but that market assumptions of a February rate hike would be a "wrong interpretation." Thursday, the ECB raised the key policy rate by 25 basis points to 3.50%. Many economists expect the ECB to slow the pace of its tightening cycle from every two months, a pace which has been in place since June 2006. All together, the ECB has increased rates six times since it began to tighten euro-zone monetary policy in December 2005. Trichet also said that interest rates are low and that even after Thursday's increase, policy remains accommodative to economic growth. Earlier Monday, Liebscher said that Austrian gross domestic product is likely to expand 3.3% this year, 2.8% next year, and 2.4% in 2008, and to be increasingly driven by domestic demand.