European Central Bank (ECB) Vice-President Luis de Guindos noted on Friday how important it is for the institution to follow incoming economic and financial data when making monetary policy decisions as "things change at a brutally rapid pace."
Speaking at an event organized by Kreab in Madrid, de Guindos reaffirmed his ECB colleagues' attitude that interest rates need to be kept at the present level for a "sufficiently long time" to get inflation down to the 2% target. He also reiterated that despite the euro area's inflation easing recently, there is still "a lot" to be done for the bank to reach its goal. He added that inflation risks are now "balanced."
Commenting on the Eurozone's gross domestic product (GDP), de Guindos projected the growth will be "weak" in the forthcoming period while stressing that the ECB will keep an eye on those figures as well and react appropriately if needed.
