European Central Bank Governing Council member Yannis Stournaras said on Monday that the ECB has to deal with more difficult problems than the U.S. Federal Reserve, as the euro area's banking system remains fragmented and the sovereign debt crisis continues to weigh on the region.
The official also reiterated that he thinks that the ECB should start rate cutting in June but not later and emphasized that realism and gradualism need to guide the central bank's actions.
Stournaras noted that there has been substantial progress on the Eurozone's inflation and expressed the view that the region's consumer-price growth is very likely to be close to the ECB’s 2% target in autumn.