ECB's Issing on fiscal and monetary policies

In the speech 'The role of fiscal and monetary policies in the stabilisation of the economic cycle' given on 14 November Otmar Issing of the ECB said the ECB always aims to take timely action to address inflation risks but it also has to avoid reacting to short-term economic shocks.

'The Eurosystem has adopted a medium-term orientation. The forward-looking nature of this strategy ensures that timely action is taken to address any potential threats to price stability,' Issing said in the speech.

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