ECB's Issing on the primacy of price stability

In a speech 'On the primacy of price stability' given on 10 June, Otmar Issing of the ECB said the primacy of price stability does not imply that this objective can be left to the central banks alone. Monetary policy needs to be complemented by a sound macroeconomic environment and well-functioning microeconomic structures.

"The ultimate adoption of the euro will benefit accession countries by reducing interest rate premia, real interest rates and the risk of speculative attacks. Already ahead of

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