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© Reuters.File picture: Francois Villeroy de Galhau, President of the Bank of France, attended the G-20 Financial Innovation High-Level Seminar on the sidelines of the G-20 Finance Ministers “We The future in the digital age” and the Governor of the Central Bank I
PARIS (Reuters)-European Central Bank member Francois Villeroy de Galhau said on Friday that the current loose monetary policy is completely reasonable.
Villeroy, who also serves as the governor of the Bank of France, also told BFM Commercial Radio that the European Central Bank believes that the Eurozone will achieve the midpoint of its 2% inflation target within 12-18 months.
The European Central Bank pledged on Thursday to maintain interest rates at historically low levels for a longer period of time to boost weak inflation, and warned that the rapidly spreading delta variant of the coronavirus poses a risk to the euro zone’s recovery.
The central banks of the 19 countries that share the euro stated that they will not raise borrowing costs until they see inflation reaching the 2% target “far before their forecast period ends and lastingly”—a controversial decision that triggered significant objection.
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