ECB’s Villeroy: ‘We Have Won the Battle Against Inflation in Europe’

6 June 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said on Friday that the ECB had won the battle against inflation.

In an interview with France 2 television, Villeroy, who heads the Banque de France, said that Europe was ‘indeed winning’ the battle against inflation.

US tariffs would have a negative impact on European growth, according to Villeroy, who nevertheless predicted that the effect would not be as strong as in the US.

‘On the other hand, we don't have - and this is very important to say - we don't have an effect of increasing inflation in Europe’, he said. ‘We have won the battle against inflation in Europe.’

Deflation was not a threat as of today, he said.

‘I don't believe in that risk’, he said. ‘There are other economic diseases that we must treat.’

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