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MNI BRIEF: Global Factors Driving EU Inflation, ECB's Schnabel

(MNI) London
(MNI) London
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Inflation has become less sensitive to domestic slack and more sensitive to global factors, ECB Executive Board member Isabel Schnabel said in a speech Wednesday, with current conditions giving rise to the risk of a de-anchoring of inflation expectations to the upside.

The Covid-19 pandemic and Russia’s invasion of Ukraine offer evidence that while economic slack may differ across economies, a failure to properly account for global factors may result in significant forecasting errors, she said.

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Inflation has become less sensitive to domestic slack and more sensitive to global factors, ECB Executive Board member Isabel Schnabel said in a speech Wednesday, with current conditions giving rise to the risk of a de-anchoring of inflation expectations to the upside.

The Covid-19 pandemic and Russia’s invasion of Ukraine offer evidence that while economic slack may differ across economies, a failure to properly account for global factors may result in significant forecasting errors, she said.

Keep reading...Show less