ECB Rehn:Inflation is converging towards the ECBs 2% target

ECBs Rehn is speaking and says:

• inflation is converging towards ECBs 2% target
• monetary restraint is continuing to reduce inflation and impact the real economy.
• Although TEC B rates are at levels that are making substantial contributions to ongoing disinflation process, we no longer see need to maintain them at current levels for a long duration.
• Provided we are confident inflation will continue converging to our 2% target in a sustained way, the time will be right in June to start easing the monetary policy stance and to cut rates.
• This assumes there will be no further setbacks in the geopolitical situation and thus in energy prices.

This article was written by Greg Michalowski at www.forexlive.com.