Trichet on prospects for the European economy

In a speech on 'European economy: current state and prospects' given on 23 September Jean-Claude Trichet of the ECB said in the absence of fiscal discipline, price stability can only be maintained at a higher cost in terms of interest rates.

"Sound fiscal policies are necessary to avoid the negative spill-over effects in terms of interest rate increases that could be caused by one country or a group of countries."

Trichet didn't specify in his speech to the Financial Services Ireland whether he

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