The ECB Needs New Inflation Rules (Project-Syndicate)

The European Central Bank has consistently undershot its inflation objective of “close to, but below 2%” for over a decade, potentially threatening its credibility. To maintain credibility, the ECB should adopt a two-pronged strategy focusing on a medium-term inflation target and systematically smoothing financial cycles.

https://www.project-syndicate.org/commentary/european-central-bank-new-inflation-target-by-michael-heise-2019-07

Michael Heise is Chief Economist of Allianz SE and the author of Emerging From the Euro Debt Crisis: Making the Single Currency Work.

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