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REPEAT: MNI: Weidmann: Data Suggest Rising Price Tendency

MNI (London)
Repeats Story Initially Transmitted at 10:30 GMT Feb 27/05:30 EST Feb 27
By Christian Vits
     FRANKFURT (MNI) - Price pressures in the euro area are on the rise, latest
data show, European Central Bank Governing Council member Jens Weidmann said
Tuesday.
     "A number of signs are suggesting that the tendency towards increasing
price pressures is likely to be sustained," Weidmann said in Frankfurt. "The
robust state of the economy confirms that the consensus view on the Governing
Council that inflation will move towards the inflation target," he noted.
     In Germany this is also demonstrated by the current pay agreement in the
metalworking and electrical engineering industry, Weidmann added. "The agreement
is not only consistent with the expectations underpinning our forecast, but also
shows that the Phillips curve certainly retains validity in Germany."
     With a view to the euro exchange rate, Weidmann said that the recent
appreciation of the currency does not change the accommodative monetary policy
stance in the euro area. "This is because the euro's price trend is -- at least
partly -- a reaction of the euro area's improved growth prospects," the
Bundesbank President said.
     Although exchange rate movements may exert a smaller impact on price trends
than they did in the past, the ECB will "keep a close eye" on the impact of
exchange rate changes on the objective of price stability, Weidmann stressed.
--MNI Frankfurt Bureau; +49 69 97782671; email: christian.vits@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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