Madis Muller, member of the Governing Council of the European Central Bank (ECB), is making some comments on the withdrawal of the central bank’s Pandemic Emergency Purchase Program (PEPP), noting that stimulus for the pandemic could end next spring.
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“The ECB needs to look at consumer prices, as persistently high inflation may require a reduction in stimulus“.
“The bank should focus on whether inflation leads to acceleration of wage growth which could drive the pace of price increases above 2% in the long term. “
“If this happened, the central bank would not be able to continue its policy of large bond purchases and negative interest rates for a long time.”
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