标题：THE ENVIRONMENT AND IMPLEMENTATION
OF MONETARY POLICY
期刊名称：Annual Report to the President of the Republic and Parliament / Banque de France
印刷版ISSN：1240-6813
出版年度：2005
卷号：1
页码：29-29
出版社：Banque de France
摘要：Despite a series of adverse shocks, economic activity
in the euro area’s main trading partners remained
dynamic in 2005 (Section 1|1).
However, in spite of the robust expansion of the
global economy, euro area exports grew at a slower
pace than world demand for them and the euro area
registered only modest growth in 2005. This growth
was primarily underpinned by fi rm domestic demand,
as businesses and households took advantage of very
low interest rates and easy access to credit. At the
same time, infl ation remained above 2% and money
supply and credit aggregates continued to expand
rapidly. These factors contributed to an abundance
of liquidity that could generate risks to price stability
in the longer run. The European Central Bank
Governing Council reviewed the short-term and
long-term determinants of future infl ation and
decided to adjust the accommodative stance of the
single monetary policy. Consequently, the Council
raised the Bank’s key rates at its last meeting of the
year (Section 1|2).
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