Wim Duisenberg Quotations

On the basis of the information available, the current stance of monetary policy is appropriate to ensure that the euro area will be able to maintain price stability over the medium term,

Given that the expected pace of the recovery has been scaled down over recent months, sharp declines in stock prices are having a negative effect on consumer and investors confidence,

Whatever I say, whatever I do, the euro continues its movements so perhaps I am best advised not to say anything,

Our policy is to be as transparent and as predictable as possible,

I wish you had not asked me that question, the answer is no.

We feel confirmed in our view that we have found the right tone in the markets over the last few months, ... Our tightening bias has slightly strengthened since July.

Wages, import prices, bottlenecks in shortages in the employment market

We are not immune to developments in the United States and the world at large,

We are confident that we are weathering the storm,

The Danish people have chosen to deprive themselves of benefits in the form of an increase in the rate of growth and the welfare of the economy that would have otherwise taken place, and that is already taking place within the euro area.

To them, I would like to say the following: I understand their concerns, since a persistently lower euro exchange rate might ultimately lead to higher prices in the shops,

This reduction is to be seen as an adjustment of interest rates to an appropriate level to ensure that the euro area will be able to maintain price stability and to contribute to growth,

While I am reasonably optimistic about the sustainability of the recovery that, we expect, will start this year, I am also aware of the remaining downside risks.

There is some evidence -- although not uncontroversial itself -- of the emergence of a new economy in the United States. By contrast it is difficult as yet to find clear evidence of a new economy in the euro area,

This weakened outlook should contribute to lower inflationary pressures. And, as you know, price stability is our aim,

We simply needed more indicators for our assessment that price stability is threatened in the medium term,

We will set rates as the situation requires.

We are waiting very much for further signals on economic development before coming to yet another way (on rates).

assuming Japan manages to overcome - and I think it will - the difficulties it is currently facing.

At this juncture, there is less risk that excess liquidity will translate into inflationary pressure given the environment of subdued demand,

Consequently, the strength in the upturn in economic activity has become more uncertain inside and outside the euro area.

And the suggestion from a colleague was that we do not speak about intervention,

European citizens can be assured that the future of the euro is that of a strong currency, based on price stability and the strength of the European economy,

far too early to judge what the events... will have for an impact on medium-term developments.

The trend in the growth of loans to the private sector also seems to point in this direction.

Of most concern are some of the uncertainties that will inevitably arise as the result of the move to stage three. Against this background, the council has chosen a distinct monetary policy strategy and one that reflects the circumstances it faces at present.

So we do expect to maintain a growth rate in the euro area of at least 3 percent per year for the next two years.

Oil prices and exchange rates remain two important considerations,

An inappropriately lax monetary policy would not create better conditions for the emergence of a new economy

A reassessment may be appropriate if money and credit growth increase further.

All available evidence is that a period of robust economic growth -- albeit at a somewhat slower pace than we have seen in recent months -- still lies ahead of us as far as we can see for the foreseeable future,

This internal stability of the euro means that people can be confident that their savings and pensions will keep their value over time,

There was no statement specifically about euro/dollar; that was maybe misunderstood,

Don't ask for monetary policy to perform tricks it cannot deliver,

Economic activity in the euro area is determined mainly by domestic factors, ... Growth is very likely to continue at a reasonably robust pace.

Not having an exchange rate policy -- and we do not have one -- does not mean there is benign or malign neglect. For the time being there is neglect.

At the end of the year, economic growth should reach a level close to potential growth,

I'm not going to answer any questions relating to that recent interview,

I'm very confident. Everything has been so well prepared.

In a world characterized by highly integrated and sophisticated international financial markets, there is serious doubt whether target zones for exchange rates are feasible.

I'm rather inclined to say this deplorable action by the United States' authorities to protect its steel industry may have something to do with the exchange rate of the dollar, as it is being experienced by the American steel industry.

In the past 25 years the average growth rate of euro area gross domestic product has been between 2 and 2-1/2 percent, ... We are now in for a period this year and next year when growth will be in excess, I would even say considerably in excess, of 3 percent a year.

In 100 days the euro will be in our pockets.

But we are such a large autonomous economic area, comprising a market of some 300 million people, that the impact of developments outside the Euro area on the Euro area are not negligible, but very limited indeed.

The depreciation of the exchange rate of the euro will increase the risks to price stability, ... In the medium term these risks have to be taken seriously, and we are taking them seriously in light of the current exchange rate.

A mild recovery (in the global economy) is generally expected to start in the course of 2002 and to accelerate in 2003,