Monday, December 22, 2008
Trichet stands behind interest rate decisions; the particular challenges of the ECB
Exclusive Trichet interview: It is time for banks to start lending againQ: With hindsight, was it the correct decision to raise interest rates in the summer? A: The Governing Council of the ECB took an important, and correct, decision to raise interest rates by 25bp in July. Remember at the time that the threat of stagflation was serious. We also observed from market indicators that there was a risk of the un-anchoring of inflation expectations, which was not surprising given the levels of inflation and the price of oil and other commodities. Even more risky was the attitude of a number of social partners which, given this...
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