Tumpel-Gugerell on ECB, Italy & Eastern Europe

In the speech 'The European Central Bank, Italy and the integration of Eastern Europe' given on 31 March 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 the speech.

"In such an environment, shocks to the economy require less reaction from

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