ECB's Issing on money's role in monetary policy

In the speech 'The role of money in the monetary policy strategy of the ECB' given on 28 October Otmar Issing of the ECB said the acceleration in eurozone M3 money supply growth seen over the past year is likely to increase inflation pressures in the long run.

'Since faster monetary growth appears to have been more fundamental in nature since mid-2004 than was the case between 2001 and 2003, the likelihood that strong monetary developments ultimately find their way through to higher prices must

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