Liebscher was asked whether he sees room for the ECB to lower interest rates this year.
"Given the risks for price stability, I think the answer is a clear one. The risks haven't diminished," Liebscher, who is also Governor of the Austrian central bank, said.
He noted that inflation is "much too high" at 3% and above. The ECB defines price stability as an average inflation rate of just below 2% over the medium term.
"We have a responsibility for price stability, there are no two ways about it," he added.
The euro-zone inflation rate was 3.3% in April, down from the 3.6% rate in March. However many economists say inflation still hasn't peaked, and the rate could go as high as 3.9% over the next few months.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
(END) Dow Jones Newswires
05-16-08 0801ET
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