German finmin tells ECB to assess effects of rate rise

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FRANKFURT, July 1 (AFP): German Finance Minister Peer Steinbrueck urged the European Central Bank (ECB) today to consider the consequences of any raise in interest rates expected later this week, but said he would accept the ECB's decision.

"The ECB should take into account the consequences of an interest rate hike," Steinbrueck said on the sidelines of a ceremony to mark 20 years since the creation of Frankfurt stock exchange's Dax index.

Over the weekend, the German finance minister had expressed reserves over the widely anticipated increase of the ECB's benchmark lending rate from 4.0 per cent to 4.25 per cent, noting its potentially negative effect on economic growth.