February 26, 2018 / 6:21 PM / 10 months ago

Spain's De Guindos says hopes inflation will converge with target

Spain's Economy Minister Luis de Guindos talks to the media during a eurozone finance ministers meeting in Brussels, Belgium, February 19, 2018. REUTERS/Francois Lenoir

BRUSSELS (Reuters) - Spain’s Economy minister and soon-to-be European Central Bank Vice President Luis de Guindos said on Monday he hoped inflation in the euro area would converge towards the bank’s target in the coming quarters.

“I hope that over the next quarters, the inflation rate and inflation expectations will convergence to the target of close to but below 2 percent,” Guindos said in Brussels before the European Parliament’s committee on Economic and Monetary Affairs.

De Guindos also said that the European Central Bank was in a different phase of cycle than the U.S. but added that over time the ECB’s policy would converge with Federal Reserve’s monetary policy.

Reporting By Balazs Koranyi; editing by Jesús Aguado

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