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European Central Bank’s (ECB) chief economist Philip Lane noted on Friday that the ECB’s policy has to remain very accommodative in order for them to move towards the inflation target.

“Monetary policy has to remain very accommodative because there’s not enough monetary momentum in the inflation dynamic,” Lane said, as reported by Reuters. “This is why our focus now is on trying to maintain our asset purchase programmes.”

Market reaction

These comments were largely ignored by the market participants. As of writing, the EUR/USD pair was up 0.3% on the day at 1.1848.