February 27, 2019 / 11:14 AM / 23 days ago

ECB should look past temporary inflation dips: Weidmann

German Bundesbank President Jens Weidmann presents the annual 2018 report in Frankfurt, Germany, February 27, 2019. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The European Central Bank should look past short term inflation fluctuations caused by oil price shocks or the temporary growth dip the bloc is experiencing, Bundesbank President Jens Weidmann said on Wednesday.

“The ECB Governing Council’s price stability target is medium term, so we should look through these fluctuations,” Weidmann, an outspoken policy hawk, said in a speech.

“It is clear that short-term fluctuations in oil prices — like the sharp decline at the end of 2018 — but also corrections in growth expectations for 2019, could temporarily influence the inflation outlook,” Weidmann added.

Reporting by Balazs Koranyi; Editing by Catherine Evans

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