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Central banks need to do a better job at communication and explaining,  Central Bank of Ireland Governor and European Central Bank (ECB) policymaker, Gabriel Makhlouf, said on Wednesday.

Regarding the ECB’s inflation target, “there continues to be uncertainty about exactly what ‘close to, but below’ means,” Makhlouf noted. “We have to consider is whether the current consumer price index is helping to communicate the central bank’s objectives in the most effective way.”

Market reaction

The shared currency largely ignored these comments and the EUR/USD pair was last seen trading at 1.005, adding 0.05% on a daily basis.