BREAKING NEWS FROM CNBC’S STEVE LIESMAN: MONETARY POLICY SHOULD FOCUS ON PRICE STABILITY: BUNDESBANK SOURCE
WHEN: Today, Tuesday, July 31, 2012
WHERE: CNBC’s “Squawk Box”
Following is the unofficial transcript of breaking news from CNBC’s Steve Liesman. All references must be sourced to CNBC.
STEVE LIESMAN: BUNDESBANK SOURCE TELLING CNBC THAT IN ITS OPINION, MONETARY POLICY SHOULD STRICTLY FOCUS ON ITS MANDATE TO PRESERVE PRICE STABILITY. THE SOURCE TELLING US THAT PROBLEMS FACING SOME MEMBER STATES ARE FISCAL AND THAT THOSE PROBLEMS SHOULD BE ADDRESSED BY FISCAL INSTRUMENTS. FOR EXAMPLE, STATES SHOULD USE THE EFSF IF ITS NECESSARY. BECKY, THESE COMMENTS COME WITH HIGH EXPECTATIONS THAT THE EUROPEAN CENTRAL BANK WILL TAKE EXTRAORDINARY ACTIONS THIS WEEK.
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