CB - Speech by Wim Duisenberg, President of the ECB

Speech by Wim Duisenberg, President of the ECB

SPEECH - Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the plenary session of European Union Committee of the Regions, Brussels, 14 November.

Source: Central Banking | 22 Nov 2001 

"...Another source of divergence in the rates of price changes across euro area countries or regions may arise when countries or regions are affected by economic or policy shocks which are different in their nature or timing, or when, due to different economic structures, local economies respond differently to a common shock. One example of this would be a change in the oil price. Although this is a common shock to the whole euro area, countries and regions in the euro area can be affected to a different extent, depending on their particular demand for (or supply of) energy.,,"

Source: http://www.centralbanking.com/central-banking/speech/1414384/speech-wim-duisenberg-president-ecb