Erkki Liikanen, governor of the Central Bank of Finland and member of the European Central Bank, made the following statement:
- ECB needs to be patient in removing the monetary stimulus program.
- Underlying inflation in the euro zone remains below expectations even if growth is robust.
- Monetary tightening gradually will be on a more solid basis when inflation exceeds 2% temporarily.
- Inflation will rise steadily as the price stabilization target is achieved without the need for an exceptional monetary accommodative policy.
- ECB bond purchase program has an open end.
- Caution should be taken against tightening monetary policy too early.
- The policy of the ECB needs patience, prudent and persistent.
