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Stark Says ECB Will Raise Interest Rates at Appropriate Pace

European Central Bank Executive Board member Juergen Stark said the bank will raise interest rates and withdraw other emergency measures at an appropriate pace.

“The ECB will adjust its policy interest rates and its provision of liquidity at a pace and to a degree commensurate with the evolution of risks to price stability and as appropriate to maintain an orderly and functional monetary policy transmission,” Stark said in a speech in Hong Kong today. “As with the phasing-in of non-standard measures, there are no pre-defined steps between phasing them out and exiting from very low policy interest rates.”