Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-043"
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"en.20080709.2.3-043"2
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"As regards economic developments, the fundamentals of the euro-area economy remain sound due to investment growth and improved employment rates and labour-force participation. While moderating, growth in the world economy is expected to remain resilient, benefiting in particular from continued robust growth in emerging economies. With regard to price developments, annual HICP inflation has remained well above the level consistent with price stability since last autumn, reaching 3.7% in May 2008 and – according to Eurostat’s flash estimate – 4.0% in June. This worrying level of inflation rates results largely from sharp increases in energy and food prices at the global level in recent months. The uncertainty surrounding this outlook for economic activity remains high and downside risks prevail. In particular, risks stem from the dampening impact on consumption and investment of further unanticipated increases in energy and food prices. Moreover, downside risks continue to relate to the potential for the ongoing financial market tensions to affect the real economy more adversely than anticipated. In these circumstances the decision taken by the ECB to raise by 25 basis points to 4.25% the minimum bid rate on the main refinancing operations of the Eurosystem is welcome and should be congratulated!"@en1
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