FRANKFURT, Oct 9, 2008 (AFP) - The European Central Bank underscored on Thursday its strong concern over uncertain prospects for economic activity in the 15-nation eurozone, but noted again that fighting inflation was still a priority.

In its monthly bulletin, the ECB 'stressed that the current situation brings with it an extraordinarily high degree of uncertainty, in large part stemming from recent intensification of the financial market turmoil.'

On Wednesday, the ECB and other central banks on three continents coordinated interest rate cuts in an exceptional effort to deal with the global financial crisis, and the ECB reiterated on Thursday a warning that an economic slump could grow worse.

The bulletin said the ECB governing council felt there were serious risks of 'a scenario of ongoing financial market tensions affecting the real economy more adversely than currently foreseen.'

It also noted that wage growth had been picking up 'rather strongly,' and cautioned that excessive pay raises could reinforce inflation that has eased from a record 4.0 percent in July to 3.6 percent last month.

In a rare note of optimism, the bank said that 'the fall in oil prices from their peak in July and ongoing growth in emerging market countries might support a gradual (economic) recovery in the course of 2009.'

The bulletin's wording matched comments by ECB president Jean-Claude Trichet in a press conference a week earlier, when the bank had left its main lending rate unchanged at 4.25 percent.

Meanwhile, however, that rate was cut to 3.75 percent on Wednesday as a group of central banks sent a strong message to markets that they would work together to pull the global economy out of a steadily worsening situation.