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Lagarde: Didn't Announce New Instrument, But Did Refer To Flexibility

ECB
Q: What should we conclude about the way that the ECB will decide on monetary policy given the difficulty with forecasting inflation?
  • A: In June we are going to look at our projections. In March we had projections that included a baseline and two scenarios. We cannot be exclusively and only riveted to the projections from the models. We have to look at actual data and historical development of similar situations, as well as using an element of judgement.

Q: The new instrument that you alluded to, could that be described as a ‘spread control’ measure. Given you said the upside risks to inflation are intensifying, why has the GC not accelerated its policy plans?

  • A: I did not announce a new instrument. I did refer specifically to incorporating flexibility if warranted. We are in a process, which started back in December. We are normalising, we have a sequence, we have numbers that are being flagged for purchases in the coming months and we now have an ending quarter when we will end net asset purchases.
  • We need to make sure our monetary policy stance is transmitted across the entire euro area. This is the tool that we created with PEPP.
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