ECB needs to stabilise inflation rate below 2% - Solans

The European Central Bank's priority is to stabilise the eurozone inflation rate below 2%, council member Eugenio Domingo Solans said.

Speaking on local television, Solans said: "We are faced with a scenario of economic slowdown at present, but if nothing untoward happens, inflation should drop below the 2% mark next year."

He said 2002 will be a "year of recovery", and 2003 "will be a good year for the economy".