The European Central Bank (ECB) Governing Council member and Governor of the Bank of France, Francois Villeroy de Galhau, has recently crossed the wires noting that the monetary policy normalisation was desirable while adding that it must be “gradual and pragmatic.”
Key quotes (via Reuters)
- We must keep our options open in the face of current uncertainty.
- We are predictable, but not pre-committed.
- No need to give additional guidance on timing or details on the process of normalisation until next spring.
- No need now to review the future operational framework of our monetary policy.
- It’s in our interest to keep all policy tools at hand.
- Our monetary policy will remain accommodative for as long as necessary to achieve our inflation target.
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