ECB Governing Council member Jan Smets reiterated the central bank’s forward guidance and the implication that policy normalization will be slow and gradual.

He said in a conference that “we reiterated the forward guidance on the reinvestment and on policy rates, implying that we do foresee a very gradual process of policy normalization.”

And, “that will allow financing conditions to remain very favorable and to support both the economy and the associated reflationary process we are aiming for.”

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