European Central Bank board member Kocher said that inflation will remain at a relatively high level for some time after the Iran agreement.

European Central Bank Governing Council member Martin Kocher said that despite the temporary peace agreement between the US and Iran, consumer prices in the euro area will remain at a high level for some time. Kocher said at a meeting in Vienna that the conflict in the Middle East once again shows the impact of energy prices. He said, "I hope that the temporary agreement reached today will push prices down, but prices will still remain at a high level for some time." He said the European Central Bank is prepared to take action at any time to ensure that the inflation rate falls to the target level of 2%, but there is still uncertainty about how the economy will react.