ECB's Stark on the role of money

In the speech 'The role of money: Money and monetary policy in the twenty-first century' given on 9 November Jurgen Stark of the ECB said the weight given to money growth in ECB interest rate decisions has varied over time, depending on the signals it was giving on inflation pressures.

'Assigning a 'weight' to the monetary analysis is a simplistic and misleading way of characterising how such analysis has influenced monetary policy,' Stark said at an ECB conference.

'The role played by money in

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