ECB’s Lane says high inflation is a big problem for economy

European Central Bank chief economist Philip Lane said on Thursday high levels of inflation are a very negative force for an economy, as he declined to speculate what lies next for his bank’s monetary policy.

“Inflation is horrible, it’s really costly, people hate it,” Lane said in an appearance in New York. He said the ECB’s objective is to hit its 2% target in the medium term.
Source: Reuters (Reporting by Michael S. Derby; Editing by Sandra Maler)