ECB's Papademos on the economic outlook

In a speech on 'The economic outlook and the ECB's monetary policy: some key issues' given on 11 November, Lucas Papademos of the ECB said higher oil prices are having a noticeable affect on inflation in the euro zone countries and growth will be hurt if they remain high.

``High and rising oil prices have had a visible impact on prices,'' Papademos told a conference in Tokyo. ``Sustained oil prices above $50 a barrel will dampen the strength of the recovery'' in the euro zone countries, he said

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