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ECB sees more stable euro zone, inflation under control

ECB aims to keep inflation close to but below 2%
AFP Mail Me
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First Published: Mon, Dec 31 2012. 04 25 PM IST
According to the latest data, prices in the 17-country euro zone rose by 2.2% in November compared with the previous year, a sharp drop from 2.5% in October. Photo: AFP
According to the latest data, prices in the 17-country euro zone rose by 2.2% in November compared with the previous year, a sharp drop from 2.5% in October. Photo: AFP
Berlin: The euro zone is more stable than it was this time last year and price pressures are well contained, a senior member of the European Central Bank (ECB) was quoted as saying on Monday.
In an interview with German daily Der Tagesspiegel, ECB executive board member Joerg Asmussen said: “We have no indications at the moment that inflation is rising. On the contrary.”
“If we see rising inflationary pressure, we will act. But we do not see that at the moment,” added the central banker.
ECB aims to keep inflation close to but below 2%.
According to the latest data, prices in the 17-country euro zone rose by 2.2% in November compared with the previous year, a sharp drop from 2.5% in October.
Asmussen appeared optimistic about the state of the euro zone which seemed close to collapse at certain points of 2012.
“The euro zone is without doubt more stable than 12 months ago...Ireland and Portugal have progressed the most. Both have managed to return gradually to the capital markets,” he said.
“Spain has to clean up its banking sector, Greece is back on course,” he judged.
Nevertheless, he cautioned that the process of recovering competitiveness in the embattled euro area “would still take years.”
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First Published: Mon, Dec 31 2012. 04 25 PM IST
More Topics: ECB | euro zone | inflation | stable | price rise |
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