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| Author: | Tober, S. |
| Title: | Crucial role of monetary policy in economic upturn |
| Journal: | Economic Bulletin
2000 : DEC, VOL. 37:12, p. 381-386 |
| Index terms: | CENTRAL EUROPE MONETARY POLICY BANKING |
| Language: | eng |
| Abstract: | The last 12 months have seen substantial rises in short- term interest rates in the euro area. Monetary policy thus adopted a restrictive stance. However, the external value of the euro fell sharply during the same period. Overall the monetary conditions in the euro area are currently neutral; in other words they are not a barrier to growth equal to the expansion of potential output. Due to moderate wage growth, further interest-rate increases are not necessary, despite the sharp rise in the price of oil. |
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