European Central Bank official Cipollone: Action will be taken if inflation deviates significantly from target.

Piero Cipollone, a member of the Executive Board of the European Central Bank, said that the ECB will take action if inflation deviates significantly from its target. In an interview published on the ECB's website on Thursday, he said, "If inflation is expected to deviate significantly from our 2% target in the medium term, we are prepared to react." He also stated, "We are in a 'good position' because current inflation is at our 2% target, and our macroeconomic forecasts do not foresee a significant deviation from this level in the medium term."