The European Central Bank (ECB) is working to bring inflation down to 2% in “two to three years,” said Francois Villeroy de Galhau, head of the Bank of France and an ECB member. He was speaking on the France Culture radio show on Monday.
He said again that “close to 2%” was still the right goal for the ECB and other monetary policymakers, and that the eurozone was “still far from it.”
Last month, inflation in the Eurozone jumped to 10%.
“It is a very strong signal from the central bank to all economic players that we will bring inflation down to the target,” Villeroy said, adding that monetary policy changes will take two to three years to have their full effect.
Related: The head of private banking at Deutsche Bank thinks that deposit rates will go up again.
