ECB needs ‘persistence’ in tight policy, French governor says
Monetary policy transmission in the eurozone will be over two years, Banque de France governor François Villeroy de Galhau said in a speech on May 25.
The European Central Bank will have to keep interest rates high for longer to bring inflation down to the 2% target by 2025. “Persistence is now more important than speed; the duration for which we will maintain rates is now more important than the precise terminal level we will reach,” he told the ICMA conference in Paris.
The French governor
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