(ANSA) – ROME, MAY 25 – “For now, given the exceptional level of uncertainty we face, we should gradually normalize our monetary policy”. This was stated by the member of the board of the ECB Fabio Panetta in a speech at the Goethe University and Center for Economic Policy Research (CEPR), breaking free from the more ‘aggressive’ line of rate hikes and end stimuli expressed yesterday by other members. The ECB “is facing the economic effects of an unprecedented sequence of external shocks. Like other major central banks, we are facing the goal of a normalization of policy at a time that is anything but normal”.
The process of “normalization” “does not mean removing the stimuli in a definitive way”, he clarified again. Rather, it is “a process of gradual reduction of the stimulus in order to firmly anchor inflation to the medium-term objective of 2%. This process is already underway in the euro area”.
(HANDLE).
Source: Ansa
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