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9/15, 10:08 AM (Source: TeleTrader)
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ECB's De Cos: Current inflation increase 'largely temporary'

Bank of Spain Governor and European Central Bank Governing Council member Pablo Hernandez de Cos (pictured) stated on Wednesday that the current spike in inflationary levels of the Eurozone is "largely temporary."

De Cos said that the ECB is "closely monitoring" inflation performance, adding that it currently doesn't see a second-round inflation impact. However, he went on to add that if the upward pressures persist the central bank has the tools at its disposal to deal with it.

De Cos' comments are in line with previous statements from ECB officials, and while the ECB has revised its outlook on inflation upwards the central bank's president was adamant that in the medium term the numbers will stay "well below" the 2% target.

Breaking the News / OL