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(CEP News) Frankfurt - During the question and answer period following European Central Bank President Jean-Claude Trichet's monthly press conference, he acknowledged that economic growth in the second quarter of 2008 will likely not be as strong as the previous quarter. He also suggested that Q3 would not be very flattering as well.
Growth risks are on the downside, Trichet said. However, Trichet also emphasized that the central bank's assessment of GDP growth is appropriate and that GDP growth remains dynamic over the medium term. He also said the ECB has only one needle in its compass and that higher inflation expectations translate into higher interest rates. Nevertheless, Trichet said there is no contradiction between the goals of price stability and economic growth. By Todd Wailoo,
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, edited by Stephen Huebl,
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