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：2006
卷号：1
页码：21-21
出版社：Banque de France
摘要：In 2006, growth in the economies of the euro area’s
main trading partners was robust and fi nancial markets
proved resilient to a number of bouts of turbulence
and persistent international imbalances (Section 1).
In the context of this favourable international
environment, growth in the euro area fi rmed and
became more broadly based (domestic demand,
including investment, and exports to the main
trading partners). In the fi rst part of 2006, euro
area infl ation remained above 2%, fuelled by high
energy prices, before falling below this mark at
the end of the year. The ongoing rapid expansion
of money supply and credit aggregates contributed
to ample liquidity, posing a potential risk to price
stability in the longer run. The Governing Council
of the European Central Bank (ECB) reviewed the
short-and long-term determinants of future infl ation
and continued to adjust its accommodative monetary
policy stance, raising its key rate fi ve times over the
year from 2.25% to 3.5% (Section 2).
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