Christine
04-15-2012, 11:03 PM
–Any Surprise On German Growth Would Be On The Upside This Year
PARIS (MNI) – The runup in crude oil prices has so far not led to
any broader inflation in the Eurozone economy, European Central Bank
Executive Board member Joerg Asmussen said in an interview with the Wall
Street Journal published Sunday night on the newspaper’s website.
“For the time being the inflation risk from oil prices appears
contained. We expect inflation to fall below 2% next year. We see up to
now no signs of second-round effects from higher oil prices,” Asmussen
told the paper.
Asked if the current ECB policy was too accommodative for Germany,
where inflation pressures are on the rise, Asmussen stressed that “the
ECB makes monetary policy for the euro area as a whole.” For the
Eurozone in aggregate, inflation expectations are well anchored, he
said.
He conceded that in some parts of Germany, real estate prices are
“significantly rising…. But these are developments that a central bank
in the Eurozone has no instruments to deal with. It is up to national
supervisors with macro-prudential tools.”
Asmussen, a native German who until recently served as deputy
finance minister in the government of Chancellor Angela Merkel, noted
the “strong position” of Germany’s economy. “If there are surprises on
German growth, I would expect them to be on the positive side this
year,” he said.
“One has to look at how to increase the growth potential which is
around 1%. This has to be worked on and use the relatively strong times
to become even stronger in the future.”
–Paris newsroom, +331-42-71-55-40; bwolfson@marketnews.com
[TOPICS: M$$EC$,M$X$$$,M$$CR$,MGX$$$,MT$$$$,M$G$$$]
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PARIS (MNI) – The runup in crude oil prices has so far not led to
any broader inflation in the Eurozone economy, European Central Bank
Executive Board member Joerg Asmussen said in an interview with the Wall
Street Journal published Sunday night on the newspaper’s website.
“For the time being the inflation risk from oil prices appears
contained. We expect inflation to fall below 2% next year. We see up to
now no signs of second-round effects from higher oil prices,” Asmussen
told the paper.
Asked if the current ECB policy was too accommodative for Germany,
where inflation pressures are on the rise, Asmussen stressed that “the
ECB makes monetary policy for the euro area as a whole.” For the
Eurozone in aggregate, inflation expectations are well anchored, he
said.
He conceded that in some parts of Germany, real estate prices are
“significantly rising…. But these are developments that a central bank
in the Eurozone has no instruments to deal with. It is up to national
supervisors with macro-prudential tools.”
Asmussen, a native German who until recently served as deputy
finance minister in the government of Chancellor Angela Merkel, noted
the “strong position” of Germany’s economy. “If there are surprises on
German growth, I would expect them to be on the positive side this
year,” he said.
“One has to look at how to increase the growth potential which is
around 1%. This has to be worked on and use the relatively strong times
to become even stronger in the future.”
–Paris newsroom, +331-42-71-55-40; bwolfson@marketnews.com
[TOPICS: M$$EC$,M$X$$$,M$$CR$,MGX$$$,MT$$$$,M$G$$$]
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