ECB Governing Council member Francois Villeroy de Galhau said yesterday, “ensuring favorable financing conditions are the conditions for the full transmission of this accommodative monetary stance”.
“Monetary policy is not only about quantities, it is also about the quality of its transmission. And it is not limited to one single indicator or one automatic rule like yield curve control, it incorporates judgment and discretion,” he added.
Villeroy also reiterated that ECB remains committed to the inflation target of below, but close to 2%. “Our goal is and remains inflation.”
Separately, Governing Council member Pablo Hernandez de Cos said, some downward risks from the fourth quarter could still continue in the first quarter.” Recovery in Eurozone is still uncertain and uneven.