11 April 2003, 11:10  ECB always takes growth into account

PARIS, April 11 - The European Central Bank always takes growth needs into account when setting monetary policy, ECB board member Tommaso Padoa-Schioppa was quoted on Friday as saying. Asked in an interview with Les Echos if the ECB should do more to sustain growth, he said, "...there aren't two monetary policies: one for price stability and another which you can afford to use when there is no danger of inflation. "Growth is always a concern that we take account of in taking monetary policy deciisions." Padoa Schioppa was however cautious about expectations that the end of the war in Iraq would pave the way for an automatic rebound in growth. "I don't know what the 'end' of the war means, nor, above all, whether the period after the war will bring less uncertainty. Since September 11 we have entrered a long wave of uncertainty for the years to come."//

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