Deutsche Bundesbank Monthly Report, May 2005

The Deutsche Bundesbank published the English version of its May 2005 Monthly Report on 16 June. The report said the ECB's monetary policy does not pose an obstacle to economic growth in Germany, where the pace of recovery is slowing down in the second quarter.

The Bundesbank said in the early months of 2005, the ECB's Governing Council "continued an interest rate policy of not changing its course" because there were no clear signs of an increase in inflationary pressure in the euro zone. "But in

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