Trichet: The current state of the European economy

In a speech on 'The current state of the European economy and the ECB's monetary policy concept' given on 9 July, Jean-Claude Trichet of the ECB said it has only been possible to achieve low levels of market interest rates in the eurozone because of the ECB's independence.

"Although oil prices have fallen over the last few weeks, markets expect them to remain high for some time to come. If this were to occur, inflation rates would most likely remain above 2pc for longer than was expected this

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