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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (46171)	2/9/2006 5:19:07 PM
From: mishedlo	Read Replies (1) of 116555

ECB says it will ´exercise vigilance´ on inflation risks [This talk is total horseshit. The risk of inflation is because of rapidly rising money supply and credit no oil prices. Mish] Thursday, February 9, 2006 9:24:19 AM afxpress.com ECB says it will 'exercise vigilance' on inflation risks FRANKFURT (AFX) - The European Central Bank said it will be exercise vigilance on inflation risks The central bank often uses such language to signal that it is preparing to raise interest rates "The governing council will exercise vigilance so as to ensure the solid anchoring of long-term inflation expectations at levels in line with price stability," the ECB said in its February monthly bulletin The bulletin echoes comments made by ECB president Jean-Claude Trichet at last week's ECB news conference The ECB said vigilance is warranted because of the historically low levels of nominal and real euro zone interest rates and the overall accommodative stance of its monetary policy It said indirect effects from past oil price rises and already announced changes to regulated prices and indirect taxes can be expected to have an upward impact on euro zone inflation in the years ahead Risks to the inflation outlook remain on the upside, particularly from further oil price rises or knock-on effects onto wages and other prices "It is indeed essential that such risks do not affect medium and long-term inflation expectations, which need to remain firmly anchored at levels consistent with price stability," it said The ECB said recent data have broadly confirmed that the euro zone recovery is improving and broadening, despite some volatility in quarterly growth rates

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