European Central Bank Executive Board member Piero Cipollone said on Wednesday that he sees some signs of economic recovery in the Eurozone, citing the PMI data.
The official also unveiled that he expects inflation to remain at this level more or less for the rest of the year, resume the path to 2% next year, and reach the target by mid-2025. He added that if the incoming data in June and July confirm that confidence about the target improves, it will be appropriate to remove some restrictive measures imposed in 2023.
Cipollone also noted that the impact of the Middle East conflict on energy costs is a major risk.