ECB Governing Council Is Turning Page After Spat, Villeroy Says

(Bloomberg) --

European Central Bank policy makers are focusing on the future after a contentious decision that was taken legitimately, according to Bank of France Governor Francois Villeroy de Galhau.

“The discussion at the Governing Council at the start of September is behind us,” he told Reuters in Paris, in comments confirmed by his institution. “Everyone spoke legitimately, and the decisions were taken legitimately.”

The central bank must keep policy accommodative, and where possible, governments should ramp up fiscal support, Villeroy said.

The Bank of France chief was one of the dissenters against President Mario Draghi’s push to restart quantitative easing last month. Together with colleagues from Germany and elsewhere, the countries whose governors opposed the decision amounted to more than half the euro zone by population and economic output.

“We are turning the page on the Governing Council, where everyone spoke and where decisions were taken,” he said. “We are turning to the future.”

To contact the reporters on this story: William Horobin in Paris at whorobin@bloomberg.net;Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, ;Fergal O'Brien at fobrien@bloomberg.net, Craig Stirling

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