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ECB’s Emmanuel Moulin says Eurozone inflation is driven by energy shocks

Moulin said he does not see second-round inflation effects, and EUR/USD was around 1.1190 after his comments.

Reported · Written up by our desk · Central Banks

European Central Bank Governing Council member Emmanuel Moulin said during the European trading session on Thursday that the inflationary pressure in the euro zone is driven entirely by energy shocks. FXStreet reports he also said he does not see second-round inflation effects developing.

Moulin added that a geopolitical shock is transmitting into a financial shock, leaving the ECB facing an inflationary shock. He also said euro area economic growth has been resilient.

According to FXStreet, there was no immediate action expected for the euro after the remarks, and EUR/USD was trading marginally lower near 1.1190. The ECB is responsible for setting interest rates and managing monetary policy for the euro zone, with its primary mandate to maintain price stability around 2% inflation.

Latest closeEUR/USD 1.122 ▼0.3%

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