Trichet praises ECB's record on inflation

In a letter to the European Parliament European Central Bank president Jean-Claude Trichet said the ECB has a very successful record of keeping eurozone inflation under control despite adverse shocks such as the recent hike in oil prices.

"The conduct of our monetary policy... has been very successful overall."

"In particular, it has been instrumental in keeping inflation under control even in the face of substantial adverse shocks, and in keeping medium to long-term inflation expectations well

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