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09 May 2001 14:18 BBK KUEHBACHER:EMU ECONOMIC SITUATION CALLS FOR ECB CUT NOW
-BUT HICP TOO HIGH TO CUT W/OUT HARMING ECB REPUTATN
-MUST REASSESS ECB 2.0% HICP PRICE STAB. CEILING
-SUGGESTS HICP GOAL SWITCH TO 'ABOUT 2%'
-OIL PRICES NOW 15-20% HIGHER THAN ANTICIPATED
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