April 27, 2018 / 8:05 AM / a year ago

Euro zone inflation to rise but only gradually - ECB's Mersch

FRANKFURT, April 27 (Reuters) - Euro zone inflation will continue to rise but only slowly, European Central Bank board member Yves Mersch said on Friday, largely repeating the bank’s policy message from its rate meeting on Thursday.

“Overall, the underlying strength in the euro area economy continues to support our confidence that inflation will converge towards our aim over the medium term,” Mersch said in Sofia. “Yet, inflation convergence will likely proceed only gradually, and remains contingent on a highly accommodative monetary policy stance.”

“The transition towards policy normalisation will begin once the Governing Council assesses there has been sustained adjustment in the path of inflation,” Mersch said. (Reporting by Balazs Koranyi Editing by Francesco Canepa)

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