Speaking at a conference in Madrid on Monday. European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos said “If we keep rates at these levels long enough, there are very good chances that we will be able to reach our 2% target in a timely manner.”

“This approach is particularly important to avoid both insufficient tightening, which would impede the achievement of our inflation target, and excessive tightening, which would unnecessarily damage economic activity and employment,” de Cos added.