The European Central Bank has inflation, which reached a 3.6 percent annual pace in March, firmly in view, as required by its mandate. The bank’s president, Jean-Claude Trichet, said Monday in Vienna that it would set interest rates based on “no other considerations than the delivery of price stability in the medium term.”

In recent weeks, the tough stances of several senior bank policy makers on inflation has contributed to a broad impression that at least some officials are itching to raise interest rates as soon as tension eases in the financial markets. Many economists say that the strength of the euro, which helps keep import prices down, has probably helped curb any rush by the bank to increase borrowing costs.

“There is no doubt in my mind that without the financial crisis, and maybe the strong euro, they would have long since hiked rates,” said Erik Nielsen, chief Europe economist at Goldman Sachs in London.

Like central bankers, Mr. Almunia has frequently cautioned against wage settlements that incorporate these price rises into pay scales because they increase the chances that companies will pass the costs along to consumers, fueling an inflation cycle. But he cited Germany as one country where rising wages should bolster consumer spending after years of relying on exports for growth, a development that would help spur growth across Europe.

The commission predicted Monday that European economic growth would cool somewhat this year, to 1.7 percent in the 15-nation euro zone, down from the 2.2 percent it forecast in the autumn. The euro zone economy grew 2.6 percent in 2007.

Mr. Almunia also said that the strong euro, which so far has shown little sign of pinching European growth, would eventually affect, and be amplified by, a weaker world economy. The euro settled in New York Monday at $1.5645, below its record just over $1.60, but is probably still overvalued, he said.