The European Central Bank will not lower its inflation target as part of its ongoing policy review, Governing Council member Pablo Hernandez de Cos said on Thursday.
“What cannot happen is that as a consequence of the make-up strategy, there is a downward revision of the inflation target,” de Cos, Spain’s central bank chief said in an online forum.
The ECB said it would “leave no stone unturned” during the review and remained open to tweaking its main objective but commentary from policymakers suggest that a cut in the target is out of the question, even though inflation has undershot the ECB’s aim for most of the past decade.
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