ECB's Governing Council member Villeroy: ECB can and must react to any undue tightening - Reuters

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1 March 2021

ECB's Governing Council member Villeroy: ECB can and must react to any undue tightening - Reuters

So much as recent yield rise is unwarranted, ECB must react against it
ECB is ready to just all of its instruments and policy options
Options include deposit rate cut if needed
There is no risk of overheating in Europe
ECB should be ready to accept inflation above target for some time after past shortfal
Forward guidance could be strengthened to make tolerance for inflation overshoot explicit
So much as recent yield rise is unwarranted, ECB must react against it
First tool is actively using flexibility of PEPP purchases

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