After 10 years, ECB vigilant over Europe

The European Central Bank celebrates its 10th birthday Monday with its reputation burnished by a steadfast stance on interest rates and quick action to supply banks with cash during the credit crisis over mortgage-backed securities.

But the ECB now faces some of its biggest challenges as the euro economy faces an uncertain outlook this year. A recent economic boom appears to be trickling away and inflation _ usually low in euro nations _ has surged to recent record highs.

By refusing to slash interest rates, the bank and its president, Jean-Claude Trichet, have steered a different course from that chosen by the U.S. Federal Reserve and the Bank of England, following its mandate from the Maastricht Treaty, which paved the way for the single euro currency and the bank itself.