European Central Bank President Jean-Claude Trichet said he’s “completely against” changing the euro-area’s inflation target and that he doesn’t believe any major central bank is preparing to change its definition of price stability.

“No central bank finds it appropriate to raise inflation at present,” Trichet said Saturday at the World Policy Conference in Marrakech. He was responding to a question about the plans of the U.S. Federal Reserve. Raising the ECB’s 2 percent target would have “disastrous consequences” for inflation expectations and would increase volatility, he said.

Trichet said also said that governments need to run balanced budgets in the medium term to boost confidence among businesses and consumers. “The recovery comes from confidence,” he said.