ECB's Villeroy: Confident We'll Return to Price Stability by 2025
14 November 2023
By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Tuesday said the ECB felt certain about the restoration of price stability by 2025.
In a speech at a Council of State conference in Paris, a text of which was published to the website of the Banque de France, which he heads, Villeroy said that ‘the remedy is not always pleasant, but it is effective; inflation is now falling, to 2.9% in October, and we are confident that we will return it to the 2% target by 2025.’
‘Monetary policy can seem austere, it does not need to be opaque’, he said, adding that the ECB had achieved results in countering inflation, and had it not, ‘then our independence would lose its very reason for being.’
‘Defending our monetary sovereignty today means further strengthening the euro in a world subject to a new order underpinned by digitalisation, geopolitical tensions and major economic uncertainty’, he said. ‘You can be sure that we, as central bankers, are fully geared up for this battle.’