Patsalides Warns ECB Must Act Pre-emptively on Inflation

ECB Governing Council member Christodoulos Patsalides has emphasized the importance of pre-emptive action on inflation, citing the passage of time as a factor working against the European Central Bank. In an interview with Econostream, Patsalides noted that elevated oil prices persist, increasing the urgency for action.

No evidence had favored raising interest rates at last week's meeting, according to Patsalides, who heads the Central Bank of Cyprus. The Governing Council therefore left rates unchanged.