U.S. Markets

ECB's Villeroy: inflation target is symmetrical, flexible and mid-term

FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau delivers a speech to open a conference entitled "Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer

PARIS (Reuters) - The European Central Bank’s inflation objective is symmetrical, flexible and can be targeted over the mid-term, ECB policymaker Francois Villeroy de Galhau said on Tuesday.

The ECB strives to steer euro zone inflation to its objective of close to but less than 2% but has fallen short of the target for years despite unprecedented monetary stimulus.

Speaking to CNBC, Villeroy also said that the ECB was determined to deliver on its mandate regardless of a recent ruling by Germany’s constitutional court giving the ECB three months to justify some of its bond purchases.

Reporting by Sudip Kar-Gupta; Writing by Leigh Thomas; Editing by Alison Williams