Villeroy de Galhau is governor of France's central bank, he was speaking going into the G20 meeting in Buenos Aires:

  • European Central Bank "policy is on a path to normalisation"

But ...

  • "We are making progress on the inflation front... although a bit slower than we had expected,"

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Yep, normalisation will be a slow process indeed, but its on the way likely this year. Watch inflation results for trying to judge the pace.