Reality check |
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The explosions that rocked the European financial system over the last few days have shattered the windows of the Eurotower, and reality has swept in. Today’s press conference marked a decisive shift in the ECB’s stance towards a much more realistic assessment of the balance of risks. Trichet emphasized that the Governing Council had discussed the potential impact of the extraordinary financial turmoil on inflation and growth, and determined that upside risks to inflation had diminished—albeit
Filed under: Fundamental
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