The member of the Governing Council of the European Central Bank (ECB) and President of the Bank of France, Francois Villeroy de Galhau, declared on Friday that “it is proof of the effectiveness of monetary policy, which fully justifies the interruption of the sequence of rate increases decided by the Governing Council”.
“The central bank will also be patient and will keep rates at the current level “for a time proportional to their full transmission.”
“The rate is not measured precisely – and this certainly justifies a lot of interpretation and suspicion – there is a vague sense that it has increased. There is no justification for that.”
The ECB’s comment fails to deter Euro bulls as EUR/USD maintains gains around 1.0865 so far on Friday.
Source: Fx Street
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