Otmar Issing
Otmar Issing
Otmar Issingis a German economist. As the former Chief Economist and Member of the Board of the European Central BankIssing developed the 'two pillar' approach to monetary policy decision-making that the ECB has adopted...
figures turn volatile
Quarterly figures are very volatile and susceptible to revision, particularly at the turn of the year.
coming far oil price seen spiral stop
We've got to stop a wage-price spiral coming after the oil price shock. But so far we haven't seen such second-round effects,
asset banks bubbles burst central launch simply
Should central banks simply look on when asset bubbles are forming? Should they only launch 'rescue missions' when the bubble has burst of its own accord?
activity clearly economic expected hold less means picked previous quarter reached second trend
Economic activity in the first quarter clearly picked up from the previous quarter and the trend that was reached should more or less hold in the second quarter. However, that means that the expected acceleration did not occur.
according act basis certainly danger means monetary policy thorough
According to all criteria, our monetary policy by no means is too restrictive, ... The danger of an overreaction of the ECB certainly does not exist. We always act on the basis of thorough considerations.
fixed intervene price priority rates regime
A regime of fixed foreign-exchange rates and obligations to intervene would encroach upon the statute of the ECB and the priority of price stability,
affecting annual current exceed expect inflation medium might next oil prices rates rising risks ruled slightly term
Rising oil prices are not only affecting current inflation rates but they're also overshadowing next year, ... It can't be ruled out that risks for price developments will deteriorate that much over the medium term that we might have to expect the annual inflation rate to slightly exceed 2 percent.
assumption conduct higher march oil prices projection
If we were to conduct our projection now, the assumption would be for higher oil prices than in the March projection.
inflation likelihood rise
Inflation has come down, it's true, but in all likelihood it will rise again.