The European Central Bank must act on inflation sooner rather than later, ECB Governing Council member Alvaro Santos Pereira told Portugal's Antena 1 broadcaster on Saturday."Our concern right now is inflation; we need to look at the data very closely. But I also think, looking at what happened in the past, that we need to act sooner rather than later, to avoid a greater second-round impact," said Pereira, who is also governor of the Bank of Portugal."When there is an inflationary spiral, I prefer that we act swiftly and decisively."Also Read: Eleven confirmed dead in Washington state chemical accident, all bodies recoveredAsked whether that meant that he would support an interest rate hike at next month's ECB meeting, he said: "We will have new ECB estimates and data from different countries, we will look at what is happening with prices and then we will make a decision."Also Read: UK's Burnham weighs snap election if he becomes PM: Report
European Central Bank must act on inflation sooner rather than later, policymaker Alvaro Santos Pereira says
Alvaro Santos Pereira, a member of the (ECB) European Central Bank's Governing Council, has called for swift action on inflation. He believes acting sooner rather than later is crucial to avoid a larger second-round impact. Pereira stated that the ECB needs to examine new estimates and data from various countries. Decisions will be made after reviewing price developments.
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