www.ecb.europa.eu
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jon Ihle
16 March 2025
The progress of annual inflation, at least up until February, looked like it was going in the wrong direction. Are you still confident that it will converge towards 2% sometime this year?
The disinflation process is on track. There was a small pick-up inflation in recent months, but this had been expected, mostly on account of unfavourable base effects in November, December and January.
The main reason for our confidence that inflation will come down to 2% is that all indicators for services and underlying inflation are moving in the right direction. A very important one is compensation per employee. According to recent data and in line with our projections, wage growth is moderating, which will help services inflation to gradually decline.
At the same time, we need to keep in mind that factors like tariffs and fiscal policy are causing a lot of uncertainty. But taking this into account, we…