At a Euro 50 Group meeting on Monday, European Central Bank (ECB) Vice-President Luis de Guindos highlighted the ECB's progress on inflation, but pulled back from making any clear projections on the pace of rate cuts.
Key highlights
Not pre-committing to a particular rate path.
Risks to growth outlook remain elevated, tilted towards the downside.
Expects consumer spending to strengthen.
Economic activity is improving, albeit gradually.
Stronger-than-expected policy transmission could produce downside shocks.
Geopolitical landscape remains an upside inflation risk.
2% inflation target to be hit in 2025, but substantial risks remain.
Wage growth is showing signs of easing.
Inflation is expected to fluctuate near current levels for now.
The slowdown in services inflation has stalled.
Still plenty of work to be done on inflation.
Inflation still headed in the right direction.
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