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.,,"