ECB Takes a Cautious Step: If Inflation is External, Our Response Must Be Measured — Emmanuel Moulin

15:37 - 30.10.2026


October 30, Fineko/abcnews. European Central Bank (ECB) Governing Council member and Governor of the Bank of France Emmanuel Moulin stated that the ECB is taking a measured approach to inflation pressures.

In an interview with the French newspaper La Montagne, Moulin noted that excluding energy and fresh food, prices remain relatively stable and there is no evidence of wage-driven inflationary pressure. Since current inflation is largely driven by external factors rather than domestic ones, the ECB maintains a moderate monetary stance, he explained.

Moulin also rejected proposals to cancel or freeze French state bonds held by the central bank, warning that such measures would create balance sheet deficits, undermine trust, and harm the entire Eurozone.