Main comments from ECB's Issing speech

SPEECH - Edited highlights of a speech by Otmar Issing, chief economist of the European Central Bank, at a business seminar in London on May 3.

HARMONISED INDEX OF CONSUMER PRICES

Defining price stability as "a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2 percent," along with the emphasis on the medium term, was designed to enhance clarity, anchor expectations and provide a yardstick against which the new independent institution could be held

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