Jean-Claude Trichet: Structural reforms in the euro area Lecture by Mr Jean-Claude Trichet, President of the European Central Bank, on the occasion of the receipt of the EFR-Business Week Award 2004, organised by Economische Faculteitsvereniging Rotterdam, Rotterdam, 20 April 2004.
This outlook would mean that it will be a while before we see sustained reductions in the rate of unemployment. Conditional on the usual set of assumptions about oil prices, the exchange rate and so on, inflation should be consistent with the 2–3 per cent target over the horizon relevant for monetary policy.