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MNI BRIEF: ECB's Lane Calls For Gradual Approach To Tightening

MNI (Frankfurt)

It is impossible to know how quickly the European Central Bank will be able to normalise monetary policy, ECB Chief Economist Philip Lane said in a speech on Thursday, arguing for a gradual approach to raising interest rates.

The ECB should take time to observe the impact of higher rates on bank lending, activity and inflation expectations, Lane said, adding that high uncertainty related to the war in Ukraine, the energy shock and post-pandemic recovery mean it is unlikely that the economy will quickly settle into a new equilibrium.


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It is impossible to know how quickly the European Central Bank will be able to normalise monetary policy, ECB Chief Economist Philip Lane said in a speech on Thursday, arguing for a gradual approach to raising interest rates.

The ECB should take time to observe the impact of higher rates on bank lending, activity and inflation expectations, Lane said, adding that high uncertainty related to the war in Ukraine, the energy shock and post-pandemic recovery mean it is unlikely that the economy will quickly settle into a new equilibrium.