ECB's Tumpel-Gugerell sees EU economy in good shape
The European economy is in "good condition" but there has been a pickup in prices and inflation must be kept in check, a European Central Bank official was quoted as saying on Friday. ECB Executive Board member Gertrude Tumpel-Gugerell was asked by Austrian newspaper der Standard why the ECB was just "looking on" when stock markets had plunged in recent days and the U.S. Federal Reserve had cut interest rates to ward off a potential recession In response, she said: "What's important is confidence in the economy," according to an interview published on the paper's Web site on Friday. "I see the European economy in good condition." Asked by the paper what she thought of a recent acceleration in inflation, the Austrian said: "There is a cost push; we must ensure that this doesn't roll on further. Our main task is to ensure price stability. All in all, I see a slowdown in growth today, but no dramatic change."
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