ECB's Papademos-Higher inflation target won't help

European Central Bank Vice President Lucas Papademos has said that raising the central bank's inflation target to 3 or 4 percent will not provide more room for growth in the euro area.

"The empirical evidence overwhelmingly shows that on a long term basis one cannot expect to gain a higher rate of growth by accepting a higher rate of inflation," Papademos said in response to a question at a conference of economic policy and the new sources of growth in Europe.

The ECB is currently reviewing its

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