J.-C. T. After two and a half years of interest rates below the lowest rates ever achieved by the most credible currencies of Europe in the past fifty years, to accuse us of haste is at the very least paradoxical. The Governing Council decided unanimously to increase rates because this move was warranted by an increase in the inflation risks.
BIS Review 87/2005  1  P.M. What criteria served to justify this rate rise? There has of course been a rise in prices due to the leap in oil prices. Did you also take account of the boom in property prices and the surge in consumer credit?