Villeroy speaking in Luxembourg
- fears of US recession are very premature
- US economic cycle arriving at maturity
- euro area economic scenarios relatively favorable
- EU global activity decelerating, not in downtown
- yellow vests crisis justifies Macron measures
- faced with uncertainty, ECB should keep options open
- gradual normalization of ECB policy still desirable
- stopping net asset purchases was big decisions
- sees no need to give additional guidance on timing or details on the process of normalization until next spring
- wage inflation not yet transmitted to core inflation