Speaking in Florence Italy

ECB's Smets speaking in Florence Italy says:

  • Progress is needed in real convergence of euro economies
  • Too low inflation, deflation as bad as high inflation
  • Low inflation is not worrying; a little patience is needed
  • "We are in the middle of the river" and "we should strive for completion" of the European monetary project.
  • Both banking, Capital Market unions need to be completed
  • If inflation is low because energy prices are down, it's not a big deal
  • Many euro nations inflation is not rising because of low wages, still slack in economies

Jan Smets is Belgium's central bank governorwhat is the