ECB’s Villeroy: Will maintain its rate at 4% for a sufficiently long time

European Central Bank's (ECB) Governing Council member Francois Villeroy de Galhau said on Tuesday, “ECB will maintain its rate at 4 pct for a sufficiently long time, as it is an efficient remedy.”

Additional quotes

Inflation is a sickness, interest rates are the medicine, the medicine is beginning to work.

Current ECB rate is at a good level, better to be patient now.

Once inflation is back around 2 pct, ECB rate can fall again.

Market reaction

EUR/USD is testing lows near 1.0675 on the above comments, down 0.12% on the day.