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MNI BRIEF: ECB's Schnabel Wants 'Robust Control' Of Inflation

(MNI) LONDON

ECB policymakers must place greater emphasis on actual inflation outcomes, Isabel Schabel says.

High levels of uncertainty mean rate-setters should place greater emphasis on incoming data, and actual inflation outcomes, ECB Executive Board Member Isabel Schnabel said in a speech Friday, calling for a “robust control” approach to monetary policy “firmly guided by the medium-term outlook.”

It would be “imprudent for a stability-oriented central bank to chart the future course of interest rates on the assumption that a slowdown in demand will reduce the need for adjusting the monetary policy stance,” Schnabel said, adding that risks of a wage-price spiral are currently contained, “provided inflation expectations remain anchored.”

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High levels of uncertainty mean rate-setters should place greater emphasis on incoming data, and actual inflation outcomes, ECB Executive Board Member Isabel Schnabel said in a speech Friday, calling for a “robust control” approach to monetary policy “firmly guided by the medium-term outlook.”

It would be “imprudent for a stability-oriented central bank to chart the future course of interest rates on the assumption that a slowdown in demand will reduce the need for adjusting the monetary policy stance,” Schnabel said, adding that risks of a wage-price spiral are currently contained, “provided inflation expectations remain anchored.”