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Interest of Entire Euro Area the Focus of Monetary Policy, Says ECB's Trichet |
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European Economy |
Written by CEP News |
Jul 18 08 07:31 GMT |
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(CEP New) Frankfurt - Speaking to the Irish Times, European Central Bank President Jean-Claude Trichet said that policy makers would not modify monetary policy to help individual euro zone states that are seeing notable economic slowdowns, such as Ireland, Spain or Portugal, and emphasized that the interest of the entire monetary zone was the focus of the ECB.
"Our monetary policy must be optimal at the level of the whole euro area,'' Trichet said. The ECB president also said that Ireland's recent decision not to ratify the Lisbon Treaty would not have an effect on the operation of the euro zone. However, Trichet did concede that, "as a citizen", he hoped Ireland and the European Union could "find a way to overcome the current difficulties". By Todd Wailoo,
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