The member of the Governing Council of the European Central Bank (ECB), Olli Rehn, said on Friday that the ECB needs to modify its inflation target to make it truly symmetrical, as reported Reuters.
“The pandemic is more likely to weigh on inflation in the coming years,” Rehn added. The ECB should allow inflation to go above target after periods of persistently low price growth. “
Market reaction
These comments do not appear to have a significant impact on the performance of the shared currency against its rivals. At time of writing, the EUR / USD pair was up 0.63% on the day at 1.2037.
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