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ECB will do what is needed to meet 2% inflation target - Villeroy

Economy Feb 08, 2022 17:40
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© Reuters. FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau speaks during a news conference at the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 18, 2019. REUTERS/Pascal Rossignol/

PARIS (Reuters) - The European Central Bank will do everything necessary to steer inflation back to its 2% target over time, Bank of France Governor Francois Villeroy de Galhau said on Tuesday.

Euro zone inflation rose to a new record high of 5.1% year-on-year in January, adding to doubts that price pressures are not as mild and temporary the ECB had so far expected.

Villeroy told French lawmakers that inflation in France would gradually fall in the coming months and that new forecasts plotting the path lower would be issued in mid-March.

"I guarantee that we, the European Central Bank and the Bank of France, will do what is needed for inflation to return to around 2% over time," Villeroy told the finance commission of the lower house of parliament.

ECB will do what is needed to meet 2% inflation target - Villeroy
 

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