The European Central Bank will remain “extremely vigilant” of expectations for consumer prices to ensure they don’t surpass its medium-term goal, Governing Council member Pablo Hernandez de Cos said.
De Cos, who heads the Bank of Spain, is part of a chorus of ECB officials that agree more rate hikes are needed to fight record high inflation, stressing that upcoming economic and inflation data are key to decide to the pace of monetary tightening. Interest rates should reach a level that allows for the progressive convergence of inflation to the ECB target, de Cos said.Christine Lagarde earlier said the European Central Bank will consider shrinking its balance sheet only once it has completed the “normalisation” of interest rates.
That suggests that only once rates have reached the so-called neutral level -- where they are neither stimulative nor restrictive -- will the Governing Council address what to do with the trillions of euros of debt the Eurosystem holds.
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