Tumpel-Gugerell on Central Counterparty Clearing
"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 have been otherwise necessary, resulting in lower short-term volatility in employment and output," she said.
In this way, the ECB contributes to a high level of employment and sustainable non-inflationary growth both in the long and short term, she said.
Opening speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, Joint ECB - Federal Reserve Bank of Chicago Conference, Frankfurt, 3-4 April 2006.
Click here to read the speech "Issues related to Central Counterparty Clearing"
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