By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Boris Vujčić said on Wednesday that euro area inflation was back at the medium-term target of 2%, but that the ECB could not be complacent given the current environment.
Speaking in European Parliament, Vujčić, who heads the Croatian National Bank and has been nominated for the role of ECB vice president, said that the entry of Croatia into the euro area in 2023 was “a milestone that they consider one of the defining achievements of my career.”
He said that if he were to be appointed as ECB vice president, his main focus would be on the ECB's primary mandate, price stability, which he described as the “foundation of economic confidence and the well-being of citizens in the euro area.”
Vujčić said that as a member of the Governing Council for the last three years, he had been part of the ECB’s monetary policy debates and decisions that led inflation “back on track to our 2% medium term target.”
However, he added, "although inflation is back at our medium-term target, the overall economic and geopolitical environment leave no room for complacency."
He said he would continue supporting the ECB’s current approach, focused on monitoring risks and making decisions based on incoming data, while balancing short-term challenges with long-term aims.