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MNI BRIEF: ECB Must Act Quickly To Tame Inflation - Schnabel

(MNI) LONDON
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Monetary policy must remain firmly focused on getting inflation down to 2% “as quickly as possible,” ECB Executive Board member Isabel Schnabel said in a speech Thursday, adding that markets’ expectations of a change in direction and un-targeted fiscal policy have made doing so more difficult, increasing the likelihood of persistence high inflation.

“Markets’ expectations of a “pivot” have recently worked against our efforts to withdraw policy accommodation, bringing the actual policy stance further away from the stance that is required to bring inflation back to target. This raises the risks that first round effects from higher energy and food prices eventually turn into second round effects.”

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Monetary policy must remain firmly focused on getting inflation down to 2% “as quickly as possible,” ECB Executive Board member Isabel Schnabel said in a speech Thursday, adding that markets’ expectations of a change in direction and un-targeted fiscal policy have made doing so more difficult, increasing the likelihood of persistence high inflation.

“Markets’ expectations of a “pivot” have recently worked against our efforts to withdraw policy accommodation, bringing the actual policy stance further away from the stance that is required to bring inflation back to target. This raises the risks that first round effects from higher energy and food prices eventually turn into second round effects.”

Keep reading...Show less