§ 16. Mr. KidneyTo ask the Chancellor of the Exchequer if he will make a statement on the methods the European central bank will employ to achieve price stability in Europe. [56875]
§ Ms HewittThe European Central Bank (ECB) made a preliminary announcement on their monetary policy strategy on the 13 October. They set out their definition of price stability as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) of less than 2% and announced that, in order to achieve this, they will give prominence to a broad monetary aggregate target and will also monitor a wide range of economic and financial variables.