# ECB's Cipollone: Why Exchange Rates Matter for Inflation (But Aren't Targeted) (2026)

> ECB Executive Board member Piero Cipollone said the central bank does not target a specific euro exchange rate but treats it as a key input to inflation projections. He noted that recent euro strength has returned to levels seen in previous months.

- Date: 2026-11-01 · published 2026-11-01T18:09:31.298Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/29590-ecb-s-cipollone-why-exchange-rates-matter-for-inflation-but-aren-t-targeted-2026
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Exchange rate moves feed into eurozone import prices and inflation, which can influence ECB rate decisions. For feed buyers, this is background context on currency risk rather than a direct supply or demand driver.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2020-09-10 | [Euro advances after ECB's Lagarde says exchange rate not being targeted \| Financial Post](https://feedsoft.ai/events/51330-euro-advances-after-ecb-s-lagarde-says-exchange-rate-not-being-targeted.md) | +0.2% | -0.4% |
| EURUSD | 2021-03-05 | [Exchange Rates Today 05.03.2021: Pound And Euro Fall As Dollar Soars As Powell Ignores Inflation And Rates](https://feedsoft.ai/events/11418-exchange-rates-today-05-03-2021-pound-and-euro-fall-as-dollar-soars-as-powell.md) | -0.6% | -2.3% |
| EURUSD | 2024-05-31 | [Eurozone inflation accelerates in May: Are ECB rate cuts in doubt? \| Euronews](https://feedsoft.ai/events/30466-eurozone-inflation-accelerates-in-may-are-ecb-rate-cuts-in-doubt-euronews.md) | +0.4% | -1.2% |
| EURUSD | 2021-07-08 | [ECB tweaks inflation target, bolsters climate role \| Reuters](https://feedsoft.ai/events/46296-ecb-tweaks-inflation-target-bolsters-climate-role-reuters.md) | +0.2% | +0.3% |
| EURUSD | 2017-09-07 | [ECB cites inflation-dampening euro rate as policy factor](https://feedsoft.ai/events/69161-ecb-cites-inflation-dampening-euro-rate-as-policy-factor.md) | -0.4% | -1.5% |

## Sources

- kevinbinuthottumkal.com: https://kevinbinuthottumkal.com/article/ecb-s-cipollone-why-exchange-rates-matter-for-inflation-but-aren-t-targeted

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.