ECB’s Villeroy: France has clearly passed inflation peak – statement

PARIS (Reuters) – Inflation clearly has passed its peak in France while the country’s economy stays resilient, underscoring the effectiveness of monetary policy, ECB policymaker and French central governor Francois Villeroy de Galhau said on Tuesday.

“This state of the economy fully justifies the halt to the rate hike sequence decided by the (ECB) Governing Council last Thursday,” Villeroy de Galhau said in a statement.

“Our monetary policy must now be guided by confidence and patience: confidence that we are making firm progress towards bringing inflation down to 2% by 2025; patience in stabilising interest rates at their current level for as long as is still necessary”, he said.

(Reporting by Marine Strauss, editing by Tassilo Hummel)