Tumpel-Gugerell on Central Counterparty Clearing

In the speech 'Issues related to Central Counterparty Clearing' given on 3 April Gertrude Tumpel-Gugerell of the ECB said the ECB's track record of containing inflation means that it does not have to hike interest rates aggressively when new inflation threats emerge.

"By safeguarding price stability, a credible monetary policy anchors inflation expectations at low levels," she said in a speech.

"In such an environment, shocks to the economy require less reaction from monetary policy than would

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