But ECB chief economist Otmar Issing said risks to price stability had eased since last autumn, in a further sign that rates are unlikely to rise any time soon.

Giving evidence to the European Parliament, Trichet said ECB policymakers had agreed at their last interest rate meeting earlier this month that cutting borrowing costs without reforming the euro zone economy would do more harm than good.

"I am very, very clear on that," Trichet told the parliamentary Economic and Monetary Affairs Committee.