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Lagarde: Comparing ECB To Fed Policy Is Like Apples To Oranges

ECB

Q: The Federal Reserve is starting to talk about reducing the balance sheet. Is this something that the ECB is thinking about? Normalisation suggests you have an idea of what normal is, such as where their natural policy rate is. What are your thoughts on that?

  • A: Our economy does not compare to the US. The euro area is more exposed and will likely suffer more consequences from the War in Ukraine than the US. Comparing our monetary policies is like comparing apples to oranges.
  • When I talk about normalisation I think about the type of instruments we are using, the policy rates we have in place, the use of our balance sheet and it is in that order that we will think about normalisation. Quantitative tightening clearly comes at a later stage and we are not there yet.
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