ECB’s Villeroy: Inflation figures in May confirm need for progressive policy normalisation

European Central Bank (ECB) Governing Council member and Bank of France head Francois Villeroy de Galhau making some comments on the monetary policy normalization ahead of the Eurozone inflation report due for release on Tuesday at 0900 GMT.

Key quotes

May inflation figures confirm our expectations for an increase and need for progressive monetary normalization.

Rising interest rates should support French banks profitability and increase their net margins.

Market reaction

At the time of writing, EUR/USD is trading at 1.0740, down 0.32% on the day.