Germany's Merkel: ECB's Price Stability Aim Is Right Goal
BERLIN (Dow Jones)--German Chancellor Angela Merkel Tuesday said the European Central Bank's aim to maintain price stability is the right approach and added that the independence of the central bank is important for the acceptance of the euro.
"I think ...the fact that we in Europe aim for price stability isn't only important from a German point of view due to our experience with inflation, but also because it's the right approach in the medium- and in the long-term when looking at crises where price stability and monetary supply stability haven't been kept in mind," Merkel said.
Delivering a laudation at an event where Luxembourg's Prime Minister Jean-Claude Juncker received the German Citizen award, Merkel also said "the independence of the ECB is essential because otherwise the acceptance of the euro would be suffering. We don't want this."
Her comments come as some euro-zone member countries have called on the ECB to cut interest rates in a bid to boost economic growth despite the recent inflation rate, which has been above the ECB's definition of price stability of close to but below 2%.
Merkel also lauded Juncker's role in the European Union, who is the head of the group of European finance ministers.
"He is a godsend for Europe," Merkel said in her laudation on Juncker. "He is also a godsend for Germany."
In his speech, Juncker looked back at the introduction of the single currency in the euro zone saying "the euro has become the stable currency which we had desired."
He also said the euro is "enjoying...relatively great popularity."
BERLIN (Dow Jones)--German Chancellor Angela Merkel Tuesday said the European Central Bank's aim to maintain price stability is the right approach and added that the independence of the central bank is important for the acceptance of the euro.
"I think ...the fact that we in Europe aim for price stability isn't only important from a German point of view due to our experience with inflation, but also because it's the right approach in the medium- and in the long-term when looking at crises where price stability and monetary supply stability haven't been kept in mind," Merkel said.
Delivering a laudation at an event where Luxembourg's Prime Minister Jean-Claude Juncker received the German Citizen award, Merkel also said "the independence of the ECB is essential because otherwise the acceptance of the euro would be suffering. We don't want this."
Her comments come as some euro-zone member countries have called on the ECB to cut interest rates in a bid to boost economic growth despite the recent inflation rate, which has been above the ECB's definition of price stability of close to but below 2%.
Merkel also lauded Juncker's role in the European Union, who is the head of the group of European finance ministers.
"He is a godsend for Europe," Merkel said in her laudation on Juncker. "He is also a godsend for Germany."
In his speech, Juncker looked back at the introduction of the single currency in the euro zone saying "the euro has become the stable currency which we had desired."
He also said the euro is "enjoying...relatively great popularity."
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