ECB’s Stournaras: Necessary for inflation to return to 2% target
European Central Bank (ECB) policy governing council member and Governor of the Bank of Greece, Yannis Stournaras said during the European trading session on Monday that the closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply, may have secondary effects on wages and prices of goods and services. Stournaras added, “It's necessary to ensure the return of inflation to the medium-term target of 2%.”
Market reaction
No immediate impact from ECB Stournaras's comments on the Euro (EUR), which is majorly driving by market sentiment since its opening. As of writing, EUR/USD trades 0.33% higher to near 1.1640.
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