ECB releases Annual Report

The European Central Bank (ECB) published its Annual Report for 2008 on 21 April.

The ECB celebrated its tenth anniversary last year, and the report looks back on what Jean-Claude Trichet, its president, describes as a decade of "relatively stable prices", with annual inflation averaging only 2% in the euro area.

With regard to fiscal policy, however, the relatively favourable fiscal outcomes of recent years were reversed in 2008 as the financial crisis developed and the macroeconomic environ

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