Europe has succeeded in bringing inflation under control after a surge driven by the end of the Covid-19 pandemic and Russia’s invasion of Ukraine, the head of France’s central bank said.

The European Central Bank cut some of its growth and inflation projections on Thursday as the fallout from a global trade war is likely to prove a drag for the 20-nation euro zone.

Traders are increasingly confident the European Central Bank will pause its run of interest rate cuts now that the central bank sees itself as well-positioned to deal with global economic uncertainty