12 May 2004, 16:44  ECB's Weber - Eurozone rates are appropriate

Euro-zone interest rates are at suitable levels and a gradual economic recovery will continue this spring, European Central Bank Governing Council member Axel Weber said on Wednesday. Speaking at a welcoming ceremony at the Bundesbank, where he was recently installed as the new president, Weber also said that inflation data for March and April were in line with the ECB's definition of price stability. "The current monetary conditions should be assessed as appropriate," Weber said. ECB official rates now are at 2.00 percent. He also said that it is very important for European Union governments to adhere to the Growth and Stability Pact, which limits budget deficits to 3.0 percent of Gross Domestic Product, because it enhances consumer confidence.///www.reuters.com

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