EZB Pressekonferenz: Wachsamkeit geboten

verfasst von kingsolomon, 04.11.2004, 15:21

-->No strong indication of building inflation rates. Thus rates unchanged. However strong vigilance is warranted on upside risks.

Economic analysis: Some moderation in external growth but euro area exports should continue to benefit. Still scope for stronger private consumption. Magnitude and size of oil price shock is adverse if oil prices remain at current levels or increase. Sizeable impact on HICP and may have indirect effects. Stronger underlying pressures though are still not buliding.

Shorter term dynamics of M3 have strengthened with low level of interest rates fuelling narrow money and credit in particular. Loans for house purchase in double digits. Substantially more liquidity than needed. Price stability contained but important that upside risks do not have a lsting impact on inflationary expectations.

VIEW: Repeats that medium term upside risks need to be monitored carefully and that strong vigilance is needed. Tone seems almost identical to October meeting. Still neutral but vigilance is the key word.
Quelle:4CAST

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• EZB Pressekonferenz: Wachsamkeit geboten - kingsolomon, 04.11.2004, 15:21