Inflation in the euro zone will slow to levels below 2 per cent year-on-year in 2003, a member of the European Central Bank's (ECB) Governing Council said today.
Mr Ernst Welteke, who is also president of the German Bundesbank, made the comments to a conference in Sweden.
The ECB, which aims for inflation of at most 2 per cent inthe medium term, will hold its next monetary policy meeting on December 5th.
Earlier in November, the euro zone central bank leftinterest rates unchanged while the US Federal Reserve cut its rates by half a percentage point.