Glos says ECB rate hike clear signal for price stability

Thu Jul 3, 2008 2:59pm BST
 
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BERLIN (Reuters) - The European Central Bank's decision to raise interest rates sends a "clear signal for price stability", German Economy Minister Michael Glos said on Thursday.

"Growth and jobs can only be secured in the long-term on the basis of stable prices," Glos said in a statement.

"The best contribution a central bank can make toward achieving these goals is a credible monetary policy oriented toward stability," he added.

The ECB raised interest rates for the first time in over a year on Thursday, taking rates to 4.25 percent from 4 percent.

(Reporting by Gernot Heller, writing by Iain Rogers)

 
A dealer works on the trading floor shortly after the U.S. markets opened, at CMC Markets in London October 3, 2008. REUTERS/Toby Melville
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