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.
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 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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