Gonzalez-Paramo on Europe's monetary union

In the speech 'Europe's monetary union in practice' given on 27 October Jose Manuel Gonzalez-Paramo of the ECB said monetary policy cannot offset short-term changes in inflation from shocks to the economy such as changes in oil prices.

"The medium-term horizon implies accepting and communicating to the public that monetary policy cannot offset short-term changes in the inflation rate caused by economic shocks" such as sharp oil price changes, Gonzalez-Paramo said in the speech to a symposium in

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