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Lagarde: Not Going To Speculate On What GC Will Decide On Bond Buys

ECB
Q: You mention the upside surprises to inflation. Does that mean the staff December projection are already outdated? On the degree of monetary accommodation, if inflation is significantly higher than expected then real interest rates are lower than thought, then is that not a reason itself to recalibrate/tighten monetary policy?
  • A: It is obvious that monetary policy has to continue supporting the recovery. On the upside surprises, risks are to the upside. In the recent past we have not included in our monetary policy statement the characterisation of inflation risks being to the upside. This is an explicit indication that inflation may be higher than we previously thought.

Q: If the updated forecasts in March show inflation exceeding the 2% target in 2023 and 2024, would that be a reason to start slowing bond purchases earlier than currently suggested?

  • A: I am not going to speculation on what the GC will decide.
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