Extracts from the press conference by Jean-Claude Trichet, President of the European Central Bank, on the decision to leave the key interest rates unchanged

Type: Summary of press conference   Reference: I-057019   Duration: 10:18:11  Lieu:
End production: 10/04/2008   First transmission: 10/04/2008
Jean-Claude Trichet, President of the European Central Bank, gave a press conference. The Governing Council of the European Central Bank (ECB) decided to leave the key ECB interest rates unchanged. The latest information has confirmed the existence of strong short-term upward pressure on inflation. At his monthly press conference, Jean-Claude Trichet, told journalists that Europe is experiencing a rather protracted period of temporarily high annual rates of inflation, resulting mainly from increases in energy and food prices. The latest information also clearly confirms their assessment of prevailing upside risks to price stability over the medium term, in a context of continuing very vigorous money and credit growth.

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TIME DESCRIPTION DURATION
10:15:04 Title 00:00:04
10:15:09 Arrival of Jean-Claude Trichet, President of the ECB, to the press conference (3 shots) 00:00:24
10:15:33 Jean-Claude Trichet saying (in ENGLISH) on the key ECB interest rates, that on the basis of their regular economic and monetary analyses, they decided to leave the key ECB interest rates unchanged; that the latest information has confirmed the existence of strong short-term upward pressure on inflation; that in fact, they are experiencing a rather protracted period of temporarily high annual rates of inflation, resulting mainly from increases in energy and food prices; that the latest information also clearly confirms their assessment of prevailing upside risks to price stability over the medium term, in a context of continuing very vigorous money and credit growth. 00:00:45
10:16:18 Journalist asking a question 00:00:07
10:16:25 Jean-Claude Trichet saying (in ENGLISH) on cutting or not interest rates, that they were unanimous in taking that decision after due meditation and discussion of course on the situation which is as it was the case during the past meeting of the Governing Council obviously very complex and very multidimensional; that weighting all the elements of the situation, they were unanimous in maintaining rates at 4%. 00:00:28
10:16:53 Cutaway 00:00:06
10:16:59 Jean-Claude Trichet saying (in ENGLISH) that for them, it is clear that they have a mandate; that they have to deliver price stability; that they trust not only in Europe but in a large part of the world that, by delivering price stability and be credible in it, they not only deliver price stability but create the conditions for job creation, for sustainable growth, and, in this period of turbulence, also to calm down the financial markets by solidly anchoring those inflationary expectations that are embedded in the medium and long term market expectations; that with this mandate, in the euro area, they have created 15.7 million jobs from 1st Jan. 00:01:12
10:18:11 Cutaway 00:00:06
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