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ECB monetary policy remains appropriate, Greece’s Stournaras says

The European Central Bank’s loose monetary policy remains appropriate and the rise in inflation is temporary, Greek central bank chief Yannis Stournaras was quoted as saying on Friday.

Stournaras, an ECB Governing Council member, told Greece’s Naftemporiki newspaper there were no indications of inflation-linked pressure on wages globally with the exception of the United States.

Inflation will retreat to below 2% in the euro zone in 2023, he said.

“The ECB’s monetary policy remains appropriate in the current context,” Stournaras said.

“The current rise in inflation is largely temporary and inflationary pressures will ease in the coming years.”

Euro zone inflation exceeded 4% last month, twice the ECB’s target.

ECB president Christine Lagarde has said the bank is very unlikely to raise interest rates next year, calling the outlook for inflation over the medium term subdued despite a present surge policymakers have attributed to supply chains knocked out of sync by the COVID-19 pandemic.
Source: Reuters (Reporting by Lefteris Papadimas; Editing by Andrew Heavens)

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