Yannis Stournaras, a member of the European Central Bank's (ECB) Governing Council, noted on Monday that the fact that the headline inflation in the Eurozone ran at 8.1 percent, an all-time high, had necessitated a normalization of the ECB's policy stance. However, he тщеув, that the situation here is very different from that in the U.S. So, in Stournaras' opinion, the ECB's monetary policy normalization could afford to be gradual.
He also repeated his view that the ECB's policymakers must remain focused on their medium-term inflation objective. As long as inflation expectations are in line with that objective, the ECB is able to normalize its policy stance in a gradual way, he added.