Issing on the euro and the Lisbon agenda

In a speech on 'The euro and the Lisbon agenda' given on 28 May, Otmar Issing of the ECB said structural reforms in eurozone countries would allow the ECB to avoid sharp interest rate changes in reaction to external shocks.

Smaller ECB rate increases would therefore be required in response to shocks that boost inflation if reforms made the eurozone economy more flexible, he said.

"A more flexible economic environment helps the labour and product markets to better adjust to economic shocks and

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