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MNI (London)
By Les Commons
     HELSINKI (MNI) - Eurozone inflation may vary around the 2% level in the
short-term to enable hitting target over time, Bank of Finland Governor Olli
Rehn said Monday, highlighting recent comments from European Central Bank
Governor Mario Draghi, who pointed to a symmetric approach.
     Rehn, hosting a conference on Monetary Policy and the Future of The Euro,
again posited that now may be the right time for the ECB to review its policy
     --Other key points from Rehn's opening remarks
     Looking ahead, the Governing Council stands ready to adjust all of its
instruments, as appropriate, so that inflation continues to converge towards our
inflation aim in a sustained manner.
     --In the longer view, the ECB now operates in a new environment where
long-run trends, such as population aging, lower long-term interest rates and
climate change have become key policy issues. 
     -- Central bankers must better understand the implications of these drivers
for growth, employment and inflation dynamics to deliver more effectively within
their mandates. Several central banks, including the Federal Reserve, are
currently reviewing their monetary policy frameworks.
     -- Rehn noted pertinent arguments for the ECB to review its framework now.
Monetary policy is carried in an economic environment that looks very different
from that of 16 years ago, when the ECB last reviewed its strategy, he noted.
Secondly, monetary policy is undertaken with very different tools from those of
16 years ago. And thirdly, it is a good practice to periodically review the
framework with policy academics and practitioners.
--MNI London Bureau; tel: +44 203-586-2225; email:
[TOPICS: M$X$$$,M$$EC$]
MNI London Bureau | +44 203-865-3812 |