Excerpt from interview with ECB's Otmar Issing

In an excerpt from an interview in the latest issue of Central Baking journal Otmar Issing, the ECB's chief economist, discusses potential weaknesses of inflation targetting and explains why money still matters in monetary policy.

Turning from procedures to monetary policy strategy, in May 2003 you made a revision of the ECB's policy strategy stressing the medium and long-term role of the so-called monetary pillar...

Excuse me, but we did not make a revision. Actually we made an evaluation, and

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