The next Chairman will probably need to make policy in the face of a more difficult short-run trade-off between price stability
and growth than needed to be the case.
Second, while large budget deficits are clearly undesirable and may add some complexity to monetary policy decision-making, they do not need to undermine our success in maintaining price stability
Over the 15 1/2 years since eleven--now eighteen --European countries adopted the euro and a common monetary policy, the ECB has consistently delivered on its price stability
While price stability
is essential for a well-functioning monetary system, the mandate of the Federal Reserve has never clearly specified that it should treat price stability
as its overriding objective.
The Act requires the Bank to focus monetary policy on achieving price stability
as a means of contributing to the nation's economic development.
The store management assured the minister on price stability
Shirakawa said that the understanding of price stability
had simply shown the range of figures submitted by each Policy Board member, but the newly introduced price stability
goal is different in that it shows ''the judgment of the board.
If confirmed by Eurostat on January 17, it will be the 13th consecutive month inflation has remained above the ECB target for price stability
of below or close to 2.
Outgoing ECB President Jean-Claude Trichet argues that the central bank's delivery of price stability
under his presidency has been superior even to the Bundesbank's over the past fifty years.
He also mentioned that price stability
could be manipulated by large scale factors such as subsidies, exchange rate appreciation and import tariff reductions.
The minister said that the Egyptian authorities are making efforts to provide extra food supplies to ensure price stability
in the market and to avoid any shortage.
Governor Yilmaz said essential target of the Central Bank was to ensure price stability
, underling that, "in financial system, it is among the basic duties of Central Bank to take regulatory precautions.