The European Central Bank has done “excellent work” in managing the current financial turmoil, while enhancing its reputation said European Parliament MEPs in their annual report on the ECB. Parliament also calls for the ECB to monitor exchange rates and take action if necessary and to be cautious about raising interest rates to avoid endangering growth. The report was adopted by 501 votes in favour to 83 against and 78 abstentions. Inflation in the 15 countries sharing the euro is at the "worrying" level of 4% in June - risks staying high in the months ahead, ECB President Jean-Claude Trichet warned. "In the wake of renewed sharp commodities price increases, inflation arrived at the worrying levels of around 4% in mid 2008," Trichet told the European Parliament in Strasbourg.