ECB’s Villeroy: Policymakers are ready to act if energy-driven inflation broadens

European Central Bank (ECB) Governing Council (GC) member and Bank of France Governor, François Villeroy de Galhau made some comments on the monetary policy in his speech early Monday.

Key quotes

Policymakers are ready to act if energy-driven inflation broadens.

Emphasises it is too early to discuss timing of any rate hike despite rising market expectations.

Iran war-driven energy shock is seen as inflationary near term, but ECB cannot prevent the initial spike.

Policy focus is on second-round effects, not the first-round energy price surge.

Mar 30, 2026

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