ECB Monthly Bulletin, January 2004

The European Central Bank published its January 2004 Monthly Bulletin on 22 January. In the report the ECB spelt out its concern over currency volatility but showed no sign it might change its outlook for a gradual economic upturn in the eurozone.

Echoing recent comments by Jean-Claude Trichet, ECB president, about "brutal" currency swings, the bulletin stressed stability and said the bank was "concerned about excessive exchange rate moves".

But it said the outlook for a gradual upturn had not

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