WELTEKE: ECB INDEPENDENCE PRECONDITION FOR STABILITY MANDATE
WELTEKE: BOTH ECB POLICY PILLARS SHOW FAVOURABLE INFL. OUTLOOK
WELTEKE: 2ND POLICY PILLAR SHOWS INFL. RISKS DOWN 'SOMEWHAT'
WELTEKE: EXPECT EMU HICP TO FALL BELOW 2% IN 2002
WELTEKE:EMU GDP OUTLOOK HAS WORSENED, WAGES HAVE BEEN MODERATE