Member of the European Central Bank (ECB) Governing Council and Central Bank of Ireland President Gabriel Makhlouf stated on Tuesday at University College Cork, following a meeting of the Central Bank Commission that "we must remain open-minded on interest rate path which is the essence of data dependence."
"Tighter financing conditions are dampening demand, and this is helping to push down inflation. We Governing Council consider that policy rates are now at levels that, if maintained for a sufficiently long duration, will make a substantial contribution to bringing euro area inflation back to target," he noted.
Makhlouf expressed optimism that, with disinflation well underway, the 2% inflation target should be achieved.
