Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-11-15-Speech-3-175"
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"en.20001115.8.3-175"2
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"When I mentioned overheating, I was referring more to the economies of the Netherlands and Finland than to the German economy. The overheating problem does not arise in Germany in the same way as it does in these other countries.
There is no doubt at all that inflation is a worry. We must not forget that we have had a double setback in the last year, as a result of oil prices trebling in little more than a year. If we add to that the fall in the exchange rate of the euro against the dollar, we have had an obvious setback in terms of inflation.
As you know, at the moment we have an inflation figure of 2.8%, clearly higher than our target as defined by the Central Bank. Underlying inflation, however, is still only 1.4%, which means we can consider oil to be the basic and fundamental cause of this situation.
What are our inflation prospects? I shall be able to comment on this in more detail after the 22nd, when we present our economic perspective for the coming year, but according to our initial estimates, in 2000 we shall end up with an average level of inflation a little above the inflation target laid down by the Central Bank, but clearly higher than what we had forecast in our April perspective – we had talked of 1.8% then. In 2001 it will be higher than the forecast we had also made in the spring, which was also about 1.8 or 1.7%. The average will, however, be much closer to 2%, which, as I have said, is the target of the Central Bank’s monetary policy.
All this will, of course, happen if we do not have any new surprises with oil prices or the dollar exchange rate."@en1
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