http://www.bloomberg.com/apps/news?pid=20601087&sid=awp2.59dAji4&refer=home an. 23 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said he's committed to fighting inflation even after stock markets plunged and the U.S. Federal Reserve cut interest rates to avert a recession. ``Particularly in demanding times of significant market correction and turbulences, it is the responsibility of the central bank to solidly anchor inflation expectations to avoid additional volatility,'' Trichet told the European Parliament in Brussels today. The Fed yesterday cut its benchmark rate by three quarters of a percentage point to 3.5 percent after global stock markets tumbled on concern a recession in the world's largest economy will curb global growth. ECB policy makers have indicated they're unwilling to follow the Fed, expressing confidence in Europe's economic outlook and stressing their focus on curbing inflation. Still, Europe's service industries this month grew at the slowest pace in more than four years after credit tightened and the euro neared a record, an industry report showed today. ``Europe is not going to get special dispensation from a global slowdown,'' Stephen Roach, Chairman of Morgan Stanley in Asia, said on a panel discussion at the World Economic Forum in Davos, Switzerland. ``Europe is not this dynamic, rapidly growing economy.'' Room for Maneuver? Investors have increased bets on the ECB cutting rates. The implied rate on the three-month Euribor futures contract for June fell to 3.77 percent today from 3.94 percent before the Fed's move. Trichet on Jan. 10 threatened to raise the bank's key rate from 4 percent if unions push through wage increases that take the jump in inflation into account. Euro-region inflation was 3.1 percent in December, the fastest in six years and well above the ECB's 2 percent limit. Trichet suggested today that slowing growth may give the ECB more room for maneuver on rates. While the bank is sticking to its base scenario that the economy of the 15 euro nations will expand about 2 percent this year, there are ``downside'' risks to the outlook, he said. ``We'll see how the real economy develops in the future because it can have an affect on inflation.'' Policy makers next meet to decide on rates on Feb. 7 in Frankfurt. ``Despite the Fed's bold action, we feel that the ECB is still unlikely to ease policy in the short term,'' said Joachim Fels, co-chief economist at Morgan Stanley in London. ECB council member Axel Weber said last night that while a U.S. slowdown would ``certainly affect the world economy,'' the effects in the euro area ``could emerge with a time lag'' and may ``be less strong than in former times.'' ECB Vice-President Lucas Papademos and Executive Board member Juergen Stark also said yesterday that economic fundamentals in Europe remain sound. ``Our mandate consists of ensuring price stability for European citizens in the medium term,'' Trichet said today. The ECB has to be ``credible in guaranteeing price stability.''