9/28, 5:25 PM (Source: TeleTrader)
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ECB's Elderson: Inflation to stay high for extended period

Member of the Executive Board of the European Central Bank (ECB) Frank Eldersonsaid on Wednesday that inflation is "currently far too high" and is likely to remain high for an "extended period."

In a speech at the European Parliament conference on "Greening monetary policy in times of soaring inflation," Elderson added that the ECB intends to raise rates further in an effort to bring inflation down and achieve price stability.

"This will avoid that our monetary policy puts upward pressure on prices by sustaining demand when supply is constrained. It will also guard against the risk of a persistent upward shift in inflation expectations," the central banker stressed.

Baha Breaking News (BBN) / NP