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Money ECB chief economist against tolerating a longer period with too low inflation

15:40  26 november  2020
15:40  26 november  2020 Source:   de.reuters.com

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In the last half century central banks have come a long way in how they approach their macro-stabilisation functions.[1] As recently as the late 1970s, views still diverged across advanced On the face of it, the argument that central banks can tolerate periods of too - low inflation is correct.

The European Central Bank ( ECB ) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price This article focuses on market‑based measures of longer ‑term inflation expectations, which are timely indicators derived from the prices of

Frankfurt (Reuters) - ECB chief economist Philip Lane has warned against accepting an even longer period with too low an inflation rate in the euro area.

European Central Bank Chief Economist Philip Lane speaks during a Reuters Newsmaker event in New York © Reuters / GARY HE European Central Bank Chief Economist Philip Lane speaks during a Reuters Newsmaker event in New York

This would have a negative impact on both the recovery of consumption and investment, he said at an online event on Thursday of Trinity College in Dublin. "To tolerate a longer period of even lower inflation than originally thought would be costly and risky," Lane said. Inflation expectations would then also fall and possibly lock themselves at a lower level.

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 Frankfurt (Reuters) - Trade unions and other representatives of civil society have asked the European Central Bank (ECB) to change inflation measurement.

But to understand “what is too low for too long ”, we need to answer two questions. First, why is inflation so low ? Second, once we have a decomposition of At the other end of the spectrum would be a too prolonged downward departure of inflation and/or inflation expectations from our projected

The European Central Bank ( ECB ) is the central bank of the 19 European Union countries which At the same time, regardless of the underlying origins of the current low inflation environment, some Finally, especially when inflation deviates from its objective for an extended period , central banks


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In October prices in the euro zone fell for the third month in a row, which is increasingly putting the ECB under pressure to act. The inflation rate was minus 0.3 percent. In September it was also minus 0.3 percent, after minus 0.2 percent in August. Negative inflation rates are incompatible with the ECB's goal of price stability, which the central bank places at an inflation rate of just under two percent. Experts assume that the monetary authorities will not achieve their inflation target in the longer term either. The ECB wants to publish new economic and inflation forecasts for its interest rate meeting on December 10th.

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This is interesting!