Central Bank President Jean-Claude Trichet gave a speech saying that inflation remains the big problem in the euro zone.In his testimony before the European Parliament, Trichet said euro zone inflation is expected to remain significantly above 2 percent for most of 2008, lowering the likelihood that the central bank will slash interest rates anytime soon. Earlier this month, Trichet said that inflation would stay above 2 percent for the coming months but moderate gradually later this year. He warned of downside risks but said that the ECB's 'current monetary policy stance will contribute to achieving our price stability objective'.The euro skyrocketed more than a penny to $1.5738, moving back towards its record high of $1.59, set earlier this month.
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