AMSTERDAM - The European Central Bank is likely to take longer to reach the inflation target - just below 2 percent - said in an interview with the Dutch edition of Het Financieele Dagblad ECB Governing Council member Klaas Notes.
"To achieve the inflation of 2 percent is not so difficult, but not in such a short term," - said Mr. Horn."Obviously, we need more than a year and a half."
If the ECB will not be able to raise the level of inflation to the target within 18 months, it is likely that the central bank will extend a program of monthly bond purchases (so-called program of quantitative easing, or QE). Read: The European Central Bank: tasks and role in the European economy.
Klaas Horn, who is head of the Central Bank of the Netherlands, said it was too early to say whether he would support an extension of the program by the ECB.
According to the materials WELTRADE