FACTBOX: ECB POLICY STATEMENT-Key points from texts
FRANKFURT (Reuters) - The European Central Bank kept interest rates at 4.25 percent on Thursday. Below are key points from the ECB's last three monetary policy statements. Capitals have been added by Reuters for emphasis.
OPENING PARAGRAPHS:
-- SEPT 4, 2008 --
"Annual inflation rates are likely to remain well above levels consistent with price stability FOR A PROTRACTED PERIOD OF TIME and that UPSIDE RISKS to price stability over the medium term prevail."
"The latest economic data also confirm THE WEAKENING OF REAL GDP GROWTH IN MID-2008. This reflects partly an expected technical reaction to the strong growth seen in the first quarter as well as dampening effects from global and domestic factors, including direct and indirect effects from high commodity prices."
"Maintaining price stability in the medium term is our primary objective and ... WE ARE RESOLUTE in our determination to keep medium and long-term inflation expectations firmly anchored in line with price stability."
"The current monetary policy stance will CONTRIBUTE TO
ACHIEVING OUR OBJECTIVE."
-- AUG 7, 2008 --
"Annual inflation rates are likely to remain well above levels consistent with price stability FOR A PROTRACTED PERIOD OF TIME and ... risks to price stability over the medium term
REMAIN ON THE UPSIDE."
"The latest economic data point to A WEAKENING OF REAL GDP GROWTH IN MID-2008, which in part was expected after the exceptionally strong growth in the first quarter."
"Maintaining price stability in the medium term is our primary objective and that it is our STRONG DETERMINATION to keep medium and long-term inflation expectations firmly anchored in line with price stability."
"The current monetary policy stance will CONTRIBUTE TO ACHIEVING OUR OBJECTIVE. We will continue to monitor very closely all developments over the period ahead."
-- JULY 3, 2008 --
"HICP inflation rates have continued to rise significantly since the autumn of last year. They are expected to remain well above the level consistent with price stability FOR A MORE Continued...
