ECB’s Visco: Inflation not yet consistent with underlying price stability

European Central Bank (ECB) Governing Council member and outgoing Italian central bank Governor Ignazio Visco said on Wednesday, "a (monetary policy) reaction was necessary, exactly because of the second-round effects that have kept and are still keeping inflation at levels that are not consistent with underlying monetary and price stability.”

Visco added that he is “closely monitoring situations of weakness and vulnerability in some less significant Italian banks.”