European Central Bank (ECB) Governing Council Member Olli Rehn said on Friday that the ECB needs to tweak its inflation target to make it genuinely symmetric, as reported by Reuters.
“The pandemic is more likely to weigh on inflation for years to come,” Rehn added. The ECB should let inflation overshoot target after periods of persistently low price growth.”
Market reaction
These comments don’t seem to be having a significant impact on the shared currency’s performance against its rivals. As of writing, the EUR/USD pair was up 0.63% on a daily basis at 1.2037.
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