Euro Buying pushes the rate up - As inflation fears continue.

European Central Bank Vice President Lucas Papademos said the pick-up in inflation has been ``unsatisfactory,'' suggesting he sees little room for policy makers to cut interest rates. While current monetary policy is ``contributing to the achievement of price-stability objectives,'' the likelihood is that the annual inflation rate ``would remain at a level significantly higher than 2 percent over a protracted period of time before it moderates,'' Papademos told reporters at a conference in Paris today.