Middle East tensions should not delay ECB's June rate cut, Villeroy says
PARIS - Tension in the Middle East is unlikely to drive up energy prices and should not affect the European Central Bank's plans to start cutting interest rates in June, French central bank chief Francois Villeroy de Galhau said on Sunday.
"It should be followed by further cuts, at a pragmatic pace," Villeroy said, adding that tensions in the Middle East for now do not threaten the target of bringing inflation down to 2% by 2025. The ECB made it clear on Thursday an interest rate cut was expected in June, but policymakers differed on subsequent moves and on how low interest rates need to fall to stimulate the economy.
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