ECB Press Conference

- Central Banking staff
- 09 Jan 2003

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PRESS CONFERENCE - Duisenberg confirmed that the recent appreciation of the euro constituted a monetary tightening which went someway to offsetting the half point interest rate cut late last year. He said the EC was right to start the excessive deficit proceedure against Germany and that the risks to the downside had increased due to the "lack of the disappearance of uncertainty".

Introductory statement by Willem F. Duisenberg, President of the European Central Bank, Lucas Papademos, Vice

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