Mersch on monetary policy-making in the euro area

In the speech 'Monetary policy-making in the euro area' given on 28 June Yves Mersch of the Central Bank of Luxembourg said since the introduction of the euro, inflation rates averaged slightly more than 2% in the euro area.

"And this in a complex environment, characterised by a series of external and temporary shocks such as the bursting of the dotcom bubble, terrorist attacks, geopolitical tensions and a continuous increase in the prices of commodities, notably oil. However, since the

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