ECB’s policy rate should reach 2% in December, Villeroy de Galhau says

Banque de France governor says “jumbo” rate hikes “will not become a new habit”

François Villeroy de Galhau

The European Central Bank’s policy rate should reach 2% in December, Banque de France governor François Villeroy de Galhau said on November 16.

“We have removed a substantial part of our accommodative monetary policy, and are clearly approaching the normalisation range, which can be estimated to be around 2% in the euro area,” said de Galhau. “We should reach this level in December.”

Facing rising inflation, the ECB started increasing interest rates in July, when it raised the deposit rate by

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