Villeroy stating the obvious

  • There is no doubt about our determination to act as much as needed
  • We have ample room to manoeuvre
  • ECB has 'free hands' for future action
  • Don't assume ECB will simply follow Fed's strategy

Some token remarks by Villeroy, but essentially he is just trying to reaffirm the narrative that the ECB can still do more in order to get inflation back on track.

On the final remark, he wants to try and make a case that the ECB is different from the Fed amid the ongoing strategy review but we all know that they are one in the same.