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Monetary Policy Will Contribute to Price Stability Objective, Says ECB's Trichet |
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European Economy |
Written by CEP News |
Jul 03 08 14:14 GMT |
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(CEP News) Frankfurt - In a press conference following the European Central Bank's decision to raise its main refinancing rate 25 basis points, ECB President Jean-Claude Trichet emphasized that the central bank's monetary stance would contribute to its objective of price stability.
Trichet also underlined the governing council's concern about the indexing of nominal wages to the consumer price index, adding that a wage-price spiral would have adverse effects on employment and competition. Second-round inflation effects must be avoided, Trichet emphasized. By Todd Wailoo,
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, edited by Stephen Huebl,
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