Trichet on challenges for the European economy

In a speech on 'The challenges for the European economy in 2004' given on 29 January, Jean-Claude Trichet of the ECB said it was of the utmost importance that the new Member States countries fulfil the convergence criteria not only nominally but also in a sustainable manner before they enter the euro area.

Central bankers should be looking forward, Trichet said, but he began his speech with what lies behind us. It was important to put the current state of the economy into perspective and to

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