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Saturday, November 28, 2020

ECB’s Villeroy: We have ample room for maneuver

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“There is no doubt about our determination to act as much as needed,” said the European Central Bank (ECB) Governing Council member and Bank of France Head Francois Villeroy de Galhau on Friday, adding that “we have ample room to maneuver.”

Additional quotes

“Inflation is not yet where we want it.”

“ECB has ‘free hands’ for future action.”

“Don’t assume ECB will simply follow the Fed’s strategy.”

“Inflation target should be perceived as flexible, symmetric and medium term.”

“Symmetric means that our numerical objective is a target and not a ceiling. “

“We should examine whether the current formulation of the inflation target casts doubt on ECB’s commitment to symmetry.”

“Inclusion of “owner-occupied housing” in HICP is frequently, and somewhat rightly, suggested by the general public.”

Market reaction

EUR/USD extends its recovery towards 1.1700, as the euro gets a lift from ECB Villeroy’s comments on the inflation target.

Receding haven demand for the greenback also collaborates with the upside in the major, as it now trades at 1.1680, up 0.08% on the day.

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