PARIS: The European Central Bank (ECB) is engaged in bringing down inflation to 2% percent in “two to three years” from now, ECB member and Bank of France head Francois Villeroy de Galhau told France Culture radio on Monday.

He reiterated that “close to 2%” was still the right target monetary policymakers at the ECB and elsewhere should pursue, adding the eurozone was “still far from it.”

ECB will raise rates as high as needed to rein in core inflation

Eurozone inflation accelerated to 10% last month. “It is a very strong signal the central bank sends to all economic players that we will bring down inflation to the target”, Villeroy said, adding that monetary policy measures will take two to three years to take full effect.