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ECB's Rehn calls for change to ECB’s inflation target in line with Fed approach- FT

05/09/2021 | 06:19am EDT

May 9 (Reuters) - The European Central Bank should follow the U.S. Federal Reserve by accepting an overshooting of its inflation target to make up for many years of sluggish price growth, Finnish central bank chief Olli Rehn told the Financial Times.

According to Rehn, changes in the euro zone labour market and world economy had weakened wage inflation pressures and meant "the economy can cope with lower levels of unemployment...without rapid inflation", the newspaper quoted Rehn as saying. https://on.ft.com/3hakEfZ

Rehn told the FT that in addition to price stability, a focus on full or maximum employment makes sense in the current context of a lower natural rate of interest. (Reporting by Juby Babu in Bengaluru; Editing by Toby Chopra)

© Reuters 2021
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