The ECB Podcast Summer School #1: a deep dive into inflation
The ECB Podcast
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The Importance of Monetary Policy in a Somber Environment
A lot of the factors that are affecting inflation lie beyond the control of a central bank, things like energy prices and Russia's war in Ukraine. The ECB has always been crystal clear that basically our promise to Europe is that we will make sure inflation comes back to our 2% target in the medium term. We don't promise that every month inflation will be a 2% because as you say, major shocks can happen. However, while we cannot tolerate, and this is where the ECB comes into play, is we cannot sit passively and accept that inflation will remain too high or too low. And so it's not about where the inflation came from. So in my assessment, the inflation mostly came
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