ECB’s Makhlouf: Confident Inflation Will Be at Target Over Medium Term

10 December 2025

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Wednesday expressed confidence that euro area inflation will converge to the ECB’s 2% target over the medium term, according to remarks published by the Central Bank of Ireland (CBI).

In a speech prepared for delivery in Dublin, Makhlouf, who heads the CBI, said the latest ECB projections from September, together with incoming data he has seen so far, left him confident that inflation would be “at target over the medium term,” consistent with the ECB’s price stability objective.

He cautioned, however, that a new set of staff projections would be published next week, incorporating the latest data and information.

Makhlouf stressed that successful economies require a stable macroeconomic framework, including sound monetary policy that delivers “stable and predictable prices,” prudent fiscal policy, and sustainable public debt.

He also highlighted the importance of well-regulated financial systems and well-functioning markets as key pillars of economic resilience.

The text of the speech was published on the CBI’s website after Makhlouf was unable to deliver it in full due to disruption by an antisemitic mob at the event.