ECB Monthly Bulletin, June 2006

The European Central Bank published its June 2006 Monthly Bulletin on Thursday 15 June. In the report the ECB said inflation risks from strong money supply growth have become much clearer over the past two years.

"These observations suggest that the risks to price stability stemming from monetary indicators have remained on the upside and that this signal has become clearer in the period since mid-2004," it said.

Actual inflation levels have generally fallen short of the inflation forecasts

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