ECB’s Panetta: Monetary policy would remain restrictive even after several rate cuts

European Central Bank (ECB) executive board member Fabio Panetta said on Friday that “monetary policy would remain restrictive even after several rate cuts.”

Additional quotes

Monetary easing can be expected over the coming months if data confirms our forecasts

Must avoid policy becoming too restrictive.

That could push inflation below the ECB's symmetrical target.

Inflation is expected to ease further in the next few quarters.

ECB will take into account Fed policy, but not be bound by it.

Market reaction

EUR/USD was last seen trading at 1.0837, adding 0.06% on the day, just ahead of the Eurozone inflation data release.