Reuters reports comments from ECB Executive Board Member and Chief Economist Peter Praet is out on the wires now, via Reuters, speaking on ‘Assessment of QE and Challenges of Policy Normalisation’.
They cannot yet declare "mission accomplished" on inflation.
But we've made substantial progress.
Fair to say we are still some way short.
Forward guidance on the path of policy, rates will have to be further specified and calibrated.
Will be important to monitor yield curve to end of net asset purchases.
Persistence is needed because recovery in inflation is predicated on a substantial degree of monpol accommodation.
Still some way short of achieving full, durable convergence of medium-term inflation towards levels below, but close to, 2%.
Must be patient, persistent & prudent with policy.
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