ECB's Papademos backs inflation target

Recent criticism that the European Central Bank's inflation target is too ambitious is unwarranted, ECB Vice President Lucas Papademos said on Monday. His comments appear to go against the proposed re-appraisal of the Bank's inflation target.

Lucas Papademos, European Central Bank Vice-President, said yesterday changing the bank's inflation limit would be "not acceptable," echoing opposition earlier yesterday from ECB council member Ernst Welteke.

"Recent proposals to change the ECB's inflation