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“Our inflation objective, being symmetric and medium-term, -– if credibly, I stress credibly, symmetric and medium-term –- would probably achieve similar outcomes ex-post to flexible average inflation targeting,” argued European Central Bank (ECB) Governing Council member François Villeroy de Galhau on Wednesday, as reported by Reuters.

Tracking a broader set of variables, assets of financial institutions and nominal GDP, could help the ECB reconcile its secondary objectives with the primary mandate, Villeroy further added. 

Market reaction

The EUR/USD pair largely ignored these comments and was last seen losing 0.22% on the day at 1.1716.