ECB Vice President: Customs duties will burden the region’s economy for years to come

European Central Bank Vice President Luis de Guindos said that customs duties will burden the eurozone’s economic growth and the prices of goods and services for years to come.

Guindos noted that the risks of inflation falling to excessively low levels remain limited, and that the euro’s rise against the dollar is not currently a major concern.

He added, “I see the risks of inflation falling below the target as very limited,” adding, “Our assessment is that inflation risks are currently balanced,” according to Reuters.

The ECB had hinted this month at a pause in its monetary easing path, despite expectations that price growth would temporarily fall below the 2% inflation target due to the strength of the euro and lower oil prices.