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Europe's incomplete economic recovery from the Covid-19 pandemic means it is still reliant on the "oxygen" of fiscal and monetary support, with signs of self-sustained growth still far away, European Executive Board member Fabio Panetta said in an interview published Wednesday.
Inflation, which in the medium term "is still decided by the central bank" will remain well below the ECB's "objective of 2%" over the current policy horizon, Panetta said - offering a possible clue as to the outcome of discussions around the price stability target taking place as part of the strategy review.
"This may affect our credibility after so many years of inflation "misses," he added. "And we need to preserve our credibility, continuing to act forcefully until we reach our objective. "Even when the coronavirus phase is over, inflation will still be far from our aim and we will need to use our tools to get back to our 2% goal," he said.