German Inflation Continues To Rise And Rise And Rise

Indeed, monetary policy can hardly bring down inflation driven mainly by one-off factors. Therefore, the ECB’s current benign stance on inflation makes sense, even if some acknowledgement that people actually do have to pay higher prices would help future dialogues with eurozone citizens. Looking ahead to next week’s meeting, it is hard to see that the ECB will change anything in its communication and policy stance. Even an end to the front-loading of asset purchases looks unlikely as it would de facto mean earlier tapering in the eurozone than in the US.

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