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MNI BRIEF: Villeroy: ECB Giving More Weight To Projections Vs Data

(MNI) Brussels
Bank of France Governor highlights ECB's growing confidence in quarterly projections.
Central Bank NewsHomepageEuropean Central BankCEEMEAEurozoneFranceBriefGlobalStory

The ECB Governing Council will give more weight to its economic projections than to current data when it decides in rate cuts in the coming months, Bank of France Governor Francois Villeroy says in a speech Friday.

Villeroy said this approach was consistent with the current strategy of ‘pragmatic gradualism’ which he has mentioned in previous speeches. He noted that incoming data are “inherently noisy” and that basing decisions on rhem risks “overreacting to volatile news, especially until the end of this year”.

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The ECB Governing Council will give more weight to its economic projections than to current data when it decides in rate cuts in the coming months, Bank of France Governor Francois Villeroy says in a speech Friday.

Villeroy said this approach was consistent with the current strategy of ‘pragmatic gradualism’ which he has mentioned in previous speeches. He noted that incoming data are “inherently noisy” and that basing decisions on rhem risks “overreacting to volatile news, especially until the end of this year”.

Keep reading...Show less