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7/1, 12:50 PM (Source: TeleTrader)
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Normalization should remain gradual - ECB's Panetta

Executive Board member of the European Central Bank, Fabio Panetta (pictured in the middle), stated on Friday, at the European Parliament’s Innovation Day, that policy normalization "should remain gradual" given the uncertainties.

"For now, our aim should be to avoid high near-term imported inflation becoming entrenched by feeding into higher inflation expectations," Panetta asserted adding that further changes in the monetary policy will be dependent on "the evolution of the outlook for inflation and the economy."

Panetta reiterated that the central bank intends to raise its key interest rates by 0.25 percentage points in July and that it will most likely raise them again during the September meeting.

Baha Breaking News (BBN) / AY