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Last updated 7 April 2011 to 13: 59 GMT by Damian Kahya business reporter, BBC News the President of the European Central Bank, Jean-Claude Trichet, is the decision of the European Central Bank, is to increase interest rates to 1.25% of 1% as a surprise, almost no one come fine balancing act.

The Bank had intentions far drawn was thus not risk scaring the markets.

But the news of last night that was Portugal it, ask for a Bail-Out having latest eurozone country the sub-units of the euro highlighted.

Some economists have warned that an interest rate rise to welcome some countries, for others the opposite of what they need.

Rising prices

The euro-zone economy is increasingly divided between the countries, which by the financial crisis recovered have and have those that still have to fight.

Due to some of the historical and geographic coincidence to have the two groups of "Core" and "Periphery" was called.

The core is of Germany, led where the latest official figures rising industrial production showed, that is a further 1.6% in February compared with month earlier.

At the same time euro zone taken inflation 2.6% in March - well above the Central Bank objective, although well below the rate in the United Kingdom.

Economically the core countries account for most of the output - so the Central Bank has to customize them.

"The level of the base interest rate, specifically, no longer in line with the based on the situation in 85% of the euro area", Giles Moec, European Economist at Deutsche Bank said.

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the periphery now have quantitative easing rather than a rate hike "

end quote Marco Valli European Chief Economist UniCredit limit to growth?" The situation is quite different for the economies in the so-called periphery.

The Republic of Ireland, Portugal and Greece she can fight for a large part of the economic performance of the euro area - account, but not according to the growth of the core.

All are involved in severe austerity programmes which are likely further pressure on their ability to grow.

"The periphery now need is quantitative easing rather than a rate hike,", Marco Valli, chief eurozone said economist at UniCredit.

But a rate rise itself have a relatively small effect on these economies also.

The Governments of Greece, the Irish Republic and now Portugal see only a limited effect on their sovereign borrowing costs because they are subject to Bail-Outs.

To calculate that which will be a rate cut of the GDP to 0.25% in three years the impact on the larger economic Italian bank UniCredit.

The Irish property market suffer with rate increases

Instead, the concern is that increases damage of economic confidence and disproportionate effects have to be.

Households already in significant debt, can be affected the most.

"they are already shaken by unemployment, increases in tax and social welfare cuts," said Austin Hughes, Chief Economist at KBC Ireland. "Ireland, Spain and Portugal also tend to have a far greater concentration of variable rate bond than other countries."

This means that home and homeowners see a greater effect of rising interest rates and can by default on mortgages.

That would mean more trouble for banks.

Export make

Rate rises can also push up the value of the euro, which drives the price of exports.

This would it more difficult for countries to export their way out of the recession.

The ECB is the Federal Reserve and the Bank of England in which procurement if it continues to do probably will further strengthen prices - euro.

A new survey of KBC and chartered accountants Ireland of the Irish finance officers found, that 73% of Irish companies felt a rate rise would be harmful to their Aussichten.Geld available

But economists to point out that the European Central Bank is still money of troubled banks available in the periphery at special rates.

Since the financial crisis banks could now hold money in the base rate - 1.25%.

Previously, she had to fund, drive the cost of borrowing to compete.

This "full allocation" policy should limit the effects of rising prices on banks.

If interest rates remained could higher inflation unchanged, instead increase the long-term costs of borrowing for all euro-zone countries.

For the countries of a Bail-Out the move make ultimately not much difference either way.

"The problems of the Portugal are much more complicated than a rate hike way 0.25%, they need external help," says Mr Moec of Deutsche Bank.