The United States does not face a problem of rising inflation for several years and also does not risk a damaging spell of falling prices, Paul Volcker, former chairman of the Federal Reserve, said Monday.

“Inflation is not a problem right now. It won’t be a problem next year, it won’t be a problem for several years,” Volcker,  chairman of the Obama administration’s Economic Recovery Board, said during a panel discussion on financial reform at Boston University.

“I see no possibility, frankly, that a deflation will take place,” Volcker said. He added that “over a period of time, price stability will be conducive to a strong economy.”