frankfurt april 19 reuters  the european central bank is raising interest rates to suppress economic growth and with it inflation the ecbs chief economist philip lane said on wednesday by bringing interest rates to a sufficiently restrictive level and fostering a period of belowtrend growth through the dampening of demand we will counteract abovetarget mediumterm inflation pressures and also ensure that the prolonged phase of abovetarget inflation does not become embedded lane said at an event in ireland reporting by padraic halpin writing by francesco canepa in frankfurt