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Financial News: Praet Says ECB More Confident That Inflation Will

Praet Says ECB More Confident That Inflation Will Reach Target

11/16/2017 - 08:37:00 (RTTNews)

(RTTNews) - The European Central Bank is more confident that inflation will gradually reach its target of "below, but close to 2 percent" and the planned reduction in the monthly asset purchases reflects the same, the bank's chief economist Peter Praet said Thursday.

"The recalibration of our asset purchases reflects growing confidence in the gradual convergence of inflation rates towards our inflation aim," Praet, who is also an ECB executive board member, said in a speech in Brussels.

The policymaker pointed out that inflation developments, despite the solid growth, remain subdued. Further, convergence of inflation towards the target remains conditional on a substantial degree of monetary policy accommodation, he added.

Praet also said that the strength and resilience of the euro area recovery boosts the ECB's confidence that reflationary forces will gradually support a return of headline inflation towards its target.

"We are experiencing a solid and broad-based economic expansion that is contributing to a narrowing of the output and unemployment gaps," Praet said.

"But there still appears to be a disconnect between growth and inflation."

As slack in the economy continues to be absorbed, reflationary forces will gradually build up, he said.

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