European Central Bank chief economist says tightening cycle ‘done’

Philip Lane, the chief economist of the institution, said on Tuesday that the European Central Bank’s last money tightening period “is over”.

“We think that the last cycle was made by downloading inflation from the summit of 10[%]Up to 2%, this element is over, but on a forward basis, we must be ready to make sure that any deviation we see is not buried, Lana Lane said in an interview with CNBC’s Annette Weisbach in Portugal’s annual forum in Portugal.

Lane said ECB should be connected to the data, but will not respond to any “Blip” isolated in inflation in the future.

The euro zone inflation rate was 1.9% for May below the 2% target of the Central Bank. Meanwhile, the key interest rate fell to 2% and the money market pricing offered expectations for the more quarter points to increase to 1.75% by the end of the year.

This is a last -minute news story and will be updated soon.