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ECB |
Written by European Central Bank |
Feb 04 10 13:02 GMT |
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Based on its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. Taking into account all the information and analyses that have become available since our meeting on 14 January 2010, price developments are expected to remain subdued over the policy-relevant horizon. The latest information has also confirmed that euro area economic activity continued to expand around the turn of the year. Looking ahead, the Governing Council expects the euro area economy to grow at a moderate pace in 2010. The recovery process is likely to be uneven and the outlook remains subject to uncertainty. The outcome of the monetary analysis confirms the assessment of low inflationary pressure over the medium term. All in all, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households. Medium to longer-term inflation expectations remain firmly anchored in line with the Governing Council's aim of keeping inflation rates below, but close to, 2% over the medium term. |
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ECB |
Written by European Central Bank |
Jan 14 10 14:09 GMT |
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Based on its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. Taking into account all the information and analyses that have become available since our meeting on 3 December 2009, price developments are expected to remain subdued over the policy-relevant horizon. The latest information has also confirmed that towards the end of 2009 euro area economic activity continued to expand. However, some of the factors supporting the growth in real GDP are of a temporary nature. Overall, the Governing Council expects the euro area economy to grow at a moderate pace in 2010, recognising that the recovery process is likely to be uneven and that the outlook remains subject to uncertainty. The outcome of the monetary analysis confirms the assessment of low inflationary pressure over the medium term, given the ongoing parallel decline in money and credit growth. All in all, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households. Medium to longer-term inflation expectations remain firmly anchored in line with the Governing Council's aim of keeping inflation rates below, but close to, 2% over the medium term. |
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ECB |
Written by European Central Bank |
Dec 03 09 12:58 GMT |
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Based on its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. Taking into account all the information and analyses that have become available since our meeting on 5 November 2009, price developments are expected to remain subdued over the policy-relevant horizon. The latest information also confirms the expected improvement in economic activity in the second half of this year, with euro area real GDP growth returning to positive territory in the third quarter of 2009. However, some of the factors supporting the recovery at present are of a temporary nature. |
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ECB |
Written by European Central Bank |
Nov 05 09 13:06 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. The incoming information and analyses that have become available since our meeting in early October have confirmed our expectations. While annual HICP inflation was -0.1% in October, according to Eurostat's flash estimate, it is expected to turn positive again in the coming months and to remain at moderately positive rates over the policy-relevant horizon. |
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ECB |
Written by European Central Bank |
Oct 08 09 13:34 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. The incoming information and analyses since our last meeting in early September have confirmed our previous assessment. While annual HICP inflation was still slightly negative in September, according to Eurostat's flash estimate, it is expected to turn positive again in the coming months and to remain at moderately positive rates over the policy-relevant horizon. |
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ECB |
Written by European Central Bank |
Sep 03 09 13:00 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate, taking into account all the information and analyses that have become available since our last meeting on 6 August 2009. In this respect, at today's meeting we also decided that the rate for the twelve-month longer-term refinancing operation to be allotted on 30 September 2009 will be the prevailing rate on the main refinancing operations. |
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ECB |
Written by European Central Bank |
Aug 06 09 12:54 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The information and analyses that have become available since our meeting on 2 July 2009 confirm our view that the current rates remain appropriate. As anticipated, annual HICP inflation in July fell further into negative territory, reflecting mainly temporary effects. |
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ECB |
Written by European Central Bank |
Jul 02 09 12:56 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate taking into account all the information and analyses that have become available since our meeting on 4 June 2009. |
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ECB |
Written by European Central Bank |
Jun 04 09 12:55 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates are appropriate taking into account our decisions of early May, including the enhanced credit support measures, and all the information and analyses which have become available since then. We confirmed our expectation that price developments over the policy-relevant horizon will remain dampened by the marked weakening of economic activity in the euro area and globally. |
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ECB |
Written by European Central Bank |
May 07 09 13:07 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to reduce the interest rate on the main refinancing operations of the Eurosystem by a further 25 basis points and the rate on the marginal lending facility by 50 basis points, to 1.00% and 1.75% respectively. The interest rate on the deposit facility will remain unchanged at 0.25%. This decision brings the total reduction in the interest rate on the main refinancing operations of the Eurosystem since 8 October 2008 to 325 basis points. |
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ECB |
Written by European Central Bank |
Apr 02 09 13:03 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to reduce the key ECB interest rates by a further 25 basis points. This decision brings the total reduction in the interest rate on the main refinancing operations of the Eurosystem since 8 October 2008 to 300 basis points. |
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ECB |
Written by European Central Bank |
Mar 05 09 12:51 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided today to reduce the key ECB interest rates by a further 50 basis points. This decision brings the total reduction in the interest rate on the main refinancing operations of the Eurosystem since 8 October 2008 to 275 basis points. |
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ECB |
Written by European Central Bank |
Feb 05 09 13:01 GMT |
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On the basis of its regular economic and monetary analyses, at today’s meeting the Governing Council decided to leave the key ECB interest rates unchanged. As anticipated in our interest rate decision of 15 January 2009, the latest economic data and survey information confirm that the euro area and its major trading partners are undergoing an extended period of significant economic downturn, and that accordingly both external and domestic inflationary pressures are diminishing. |
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ECB |
Written by European Central Bank |
Jan 15 09 12:58 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to reduce the interest rate on the main refinancing operations of the Eurosystem by a further 50 basis points, bringing the total reduction since 8 October 2008 to 225 basis points. Today's decision takes into account that inflationary pressures have continued to diminish, owing in particular to the further weakening in the economic outlook. |
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ECB |
Written by European Central Bank |
Dec 04 08 13:26 GMT |
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On the basis of its regular economic and monetary analyses, the Governing Council decided to reduce the key ECB interest rates by a further 75 basis points. This step follows the two 50-basis point reductions in the key ECB interest rates announced on 8 October and 6 November 2008. Overall, since our last meeting, the evidence that inflationary pressures are diminishing further has increased and, looking forward, inflation rates are expected to be in line with price stability over the policy-relevant horizon, supporting the purchasing power of incomes and savings. |
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ECB |
Written by European Central Bank |
Nov 06 08 12:58 GMT |
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On the basis of its regular economic and monetary analyses, at today's meeting the Governing Council decided to reduce the key ECB interest rates further by 50 basis points, following the previous coordinated interest rate cut on 8 October 2008. The outlook for price stability has improved further. Inflation rates are expected to continue to decline in the coming months, reaching a level in line with price stability during the course of 2009. |
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ECB |
Written by European Central Bank |
Nov 06 08 12:06 GMT |
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At today's meeting the Governing Council of the ECB took the following monetary policy decisions: The minimum bid rate on the main refinancing operations of the Eurosystem will be decreased by 50 basis points to 3.25%, starting from the operation to be settled on 12 November 2008. The interest rate on the marginal lending facility will be decreased by 50 basis points to 3.75%, with effect from 12 November 2008. |
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ECB |
Written by European Central Bank |
Oct 08 08 12:08 GMT |
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Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets. Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability. |
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ECB |
Written by European Central Bank |
Oct 02 08 12:52 GMT |
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On the basis of its regular economic and monetary analyses, at today's meeting the Governing Council decided to leave the key ECB interest rates unchanged. We discussed extensively the recent intensification of the financial market turmoil and its possible impact on economic activity and inflation, recognising the extraordinarily high level of uncertainty stemming from latest developments. In this context, we stressed the crucial importance of keeping inflation expectations firmly anchored in line with our objective. |
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ECB |
Written by European Central Bank |
Sep 04 08 12:53 GMT |
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On the basis of our regular economic and monetary analyses, at today's meeting we decided to leave the key ECB interest rates unchanged. The information that has become available since the last meeting has confirmed that annual inflation rates are likely to remain well above levels consistent with price stability for a protracted period of time and that upside risks to price stability over the medium term prevail. While the growth of broad money and credit aggregates is now showing some signs of moderation, the still strong underlying pace of monetary expansion points to continued upside risks to price stability over the medium term. |
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ECB |
Written by European Central Bank |
Aug 07 08 12:51 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The information that has become available since our previous meeting has further underpinned the reasoning behind our decision to increase interest rates in July. It has confirmed that annual inflation rates are likely to remain well above levels consistent with price stability for a protracted period of time and that risks to price stability over the medium term remain on the upside. |
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ECB |
Written by European Central Bank |
Jul 03 08 13:37 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to increase the key ECB interest rates by 25 basis points. This decision was taken to prevent broadly based second-round effects and to counteract the increasing upside risks to price stability over the medium term. HICP inflation rates have continued to rise significantly since the autumn of last year. They are expected to remain well above the level consistent with price stability for a more protracted period than previously thought. |
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ECB |
Written by European Central Bank |
Jun 05 08 13:02 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. At the same time, we noted that risks to price stability over the medium term have increased further. Inflation rates have risen significantly since the autumn of last year, owing mainly to strong increases in energy and food prices. |
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ECB |
Written by European Central Bank |
May 08 08 13:38 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. Inflation rates have risen significantly since the autumn, owing mainly to increases in energy and food prices. As we have said on previous occasions, inflation rates are expected to remain high for a rather protracted period of time, before gradually declining again. |
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ECB |
Written by European Central Bank |
Apr 10 08 12:58 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The latest information has confirmed the existence of strong short-term upward pressure on inflation. In fact, we are experiencing a rather protracted period of temporarily high annual rates of inflation, resulting mainly from increases in energy and food prices. |
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ECB |
Written by European Central Bank |
Mar 26 08 10:25 GMT |
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Since my previous appearance before the European Parliament in mid December, inflation has remained at relatively high levels of above 3%. The incoming information has confirmed our assessment of prevailing upside risks to price stability over the medium term, in a context of continued vigorous money and credit growth. Strong upward pressure on inflation in the short term mainly stems from the recent increases in energy and food prices. Looking ahead, the inflation rate is expected to remain significantly above 2% for most of the year. Hence the period of relatively high inflation rates will be more protracted than previously expected. |
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ECB |
Written by European Central Bank |
Mar 11 08 12:46 GMT |
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Today, the Governing Council of the ECB has decided, in conjunction with the Federal Reserve and in the context of the Term Auction Facility (TAF), to offer US dollar funding to Eurosystem counterparties as it did in December 2007 and in January 2008. It is intended to continue the provision of USD liquidity for as long as the Governing Council considers it to be needed in view of the prevailing market conditions. |
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ECB |
Written by European Central Bank |
Mar 06 08 12:56 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The latest information has confirmed the existence of strong short-term upward pressure on inflation. It has also confirmed the assessment that there are upside risks to price stability over the medium term, in a context of very vigorous money and credit growth. |
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ECB |
Written by European Central Bank |
Feb 25 08 19:21 GMT |
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It is evident that the evolutions we have been witnessing called for systemic changes in the global policy framework. New players in the Asia-Pacific region are gaining in importance and reaching out to more established players. This means that they also have more responsibilities in the global arena and that the rules of the game need to adapt in order to keep pace. This is why the governance of the world economy in macroeconomic and financial matters has been changing in terms of both format and substance. |
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ECB |
Written by European Central Bank |
Feb 15 08 16:34 GMT |
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If we look back over the last decade, employment growth has been strong in the euro area and even more so in Spain. However, over the same period, labour productivity growth decelerated significantly in the euro area and in Spain in particular. A key challenge therefore is how to simultaneously achieve solid employment and productivity growth. |
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ECB |
Written by European Central Bank |
Feb 14 08 16:31 GMT |
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Globalisation is certainly one of the most analysed and discussed economic phenomenon of our time. The notion of “globalisation” subsumes the concepts of cross-border market integration, country and policy interdependence, and fundamental historical change. Economists classically think of globalisation as a process of market integration that leads to price convergence across markets for goods, labour and services worldwide as well as to growing trade and financial flows. |
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ECB |
Written by European Central Bank |
Feb 13 08 15:49 GMT |
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Financial integration is an important part of the Lisbon Agenda and the European Union's Single Market Program. In particular, among industrial countries the free flow of capital across borders unleashes competitive pressures that reduce the cost of capital and allows for better sharing of risk for consumers and firms. It is therefore the long-standing view of the Eurosystem that financial integration is an important process for the general well-functioning of the European economy. |
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ECB |
Written by European Central Bank |
Feb 13 08 15:12 GMT |
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How do you assess the discussions at this G7 and the G7 statement? I think it was a very, very good discussion - a very important one too because the discussion took place at the moment where we are experiencing the market correction, which is significant, which is ongoing and from that standpoint I think it was a very, very timely G7 meeting. And very stimulating, very interesting. A very good Presidency. So from that standpoint, I am very happy. |
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ECB |
Written by European Central Bank |
Feb 07 08 13:02 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. This decision reflects our assessment that risks to price stability over the medium term are on the upside, in a context of very vigorous money and credit growth. The current short-term upward pressure on inflation must not spill over to the medium term. |
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ECB |
Written by European Central Bank |
Jan 23 08 08:52 GMT |
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Let me start by recalling the main components of any framework for safeguarding financial stability. At the national level, a financial stability framework is based on three main components: crisis prevention, crisis management and crisis resolution. The first component, crisis prevention, is ensured by the exercise of supervisory and central banking functions. Supervisory functions regard the surveillance of the safety and soundness of individual financial institutions. Central banking functions include the financial stability assessment aiming at identifying sources of risks and vulnerabilities and their potential effect on the financial system, as well as the oversight of payment and securities settlement systems. |
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ECB |
Written by European Central Bank |
Jan 17 08 21:48 GMT |
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Between 1996 and 2006 the annual growth rate in the euro area averaged 2.1% per year, which was below the growth rates observed in a number of other industrialised economies, including the United States, where the average growth rate of real GDP was 3.1%. What are the fundamental causes of this unsatisfactory trend growth in the euro area, especially this 1 percentage point difference with the US ? The answers can be found by looking at the factors that determine long-term economic growth, namely: |
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ECB |
Written by European Central Bank |
Jan 16 08 20:35 GMT |
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It is widely accepted today that independent central banks are best placed to maintain price stability in the economy. The Maastricht Treaty, therefore, has bestowed the ECB with full independence in the pursuit of its mandate. In a democracy, independence must be accompanied by both transparency and accountability to the general public. In other words, it is the duty of independent central banks to be transparent and to communicate not only with specialised audiences, such as financial market participants, but also with the public at large. Transparency is multi-faceted, but basically involves making information available to each interested party that is "relevant" for their understanding of monetary policy decisions. |
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ECB |
Written by European Central Bank |
Jan 10 08 13:17 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. According to the latest information, strong short-term upward pressure on inflation has continued, with HICP inflation remaining at 3.1% in December. As regards the medium term, and in a context of very vigorous money and credit growth, our assessment of upside risks to price stability has been fully confirmed. |
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ECB |
Written by European Central Bank |
Jan 05 08 22:00 GMT |
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Let me briefly sketch out the main topics I want to address. First, I will present to you our views on the current economic situation in the euro area. Then, I will explain the ECB's liquidity operations following the tensions in the money markets since August last year as well as our views on the stability of the euro area financial system. To conclude, I will say a word upon the effects of globalisation on price developments and on developments in the real estate sector. |
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ECB |
Written by European Central Bank |
Dec 06 07 08:55 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The latest information has confirmed the existence of strong short-term upward pressure on inflation, with the HICP inflation rate reaching 3.0% in November. It has also fully confirmed our assessment that there are upside risks to price stability over the medium term. |
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ECB |
Written by European Central Bank |
Nov 08 07 08:56 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The information that has become available since our previous meeting fully confirms that the outlook for price stability over the medium term is subject to upside risks. Against this background, and with money and credit growth vigorous in the euro area, our monetary policy stands ready to counter upside risks to price stability, as required by our mandate. |
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ECB |
Written by European Central Bank |
Oct 04 07 08:57 GMT |
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The information that has become available since our previous meeting has confirmed that the outlook for price stability over the medium term is subject to upside risks. Against this background, and with money and credit growth vigorous in the euro area, our monetary policy stands ready to counter upside risks to price stability, as required by our primary objective. |
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