A drive to keep a lid on inflation means the European Central Bank will not be distracted by the repeated interest rate cuts of its US and UK counterparts, according to Jean-Claude Trichet, the bank’s president.

The ECB has held eurozone rates at 4 per cent since June, and the US Federal Reserve cut rates three times in the same period to 4.25 per cent. The Bank of England this month made what is expected to be the first of several cuts, reducing rates by 25 basis points to 5.5 per cent.