ECB managing board member Tumpel-Gugerell is on the wires saying inflation is presently below zero in the euro zone because of high base effects from last year’s inflation spike. Stripping out food and energy, inflation is close to 2%, she says. She sees no big risk of a sharp rise of inflation at the moment but said the ECB would deal with it if it comes.
Also crossing the wires are comments from the ECB’s Merch. He says the trough for the Eurozone economy probably came this quarter.
