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Lagarde: Fwd Guidance Will Play A Role In Meeting Inflation Target

ECB

Q: Given your new forward guidance and below target inflation, should you not be expanding monetary stimulus, or do you believe that the revised forward guidance is enough? Are you concerned by rising house prices?

  • A: I would not anticipate what our inflation forecast will be next year and the year after. Forecasting is a tricky exercise. For the moment, we forecast below-target inflation in 2023. We will see what that forecast is in September. We believe that forward guidance will play a role in meeting this target.
  • I have written to President Von der Leyen to commission Eurostat to accelerate their work on capturing owner-occupied housing costs in CPI. In the meantime, we are taking into account those costs using alternative indexes when available. We discussed this in our meeting today.
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