“In the face of such uncertainty, there are reasons for the central bank to accompany the recovery with a light touch,” the European Central Bank’s (ECB) policy chief said on Monday. Fabio Panetta, according to Reuters. “The ECB should take moderate and careful measures in policy adjustment, so as not to stifle the still incomplete recoveryPanetta added.
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“We will take the necessary measures, using all our instruments to shore up confidence and stabilize financial markets.”
“The dramatic conflict in Ukraine now weighing negatively on supply and demand conditions, exacerbating risks to medium-term inflation prospects on both sides”.
“The inflation outlook has pitfalls on both sides.”
“In this environment, it would be unwise to pre-commit to future policy steps until the consequences of the current crisis become more clear.”
“We should carefully adjust policy and recalibrate as we see the effects of our decisions, to avoid stifling the recovery and to consolidate progress towards price stability.”
“The ECB is ready to act to avoid any dislocation in the financial markets that may result from the war in Ukraine and to protect the transmission of monetary policy”.
“The Russian invasion of Ukraine is now intensifying this uncertainty.”
“We need to be sure that removing the accommodative policy too suddenly will not trigger market turmoil.”
“It would be unwise to go any further until we have solid confirmation that both actual and expected inflation are becoming durably re-anchored at 2% in a world with tighter financial conditions.”
“If we respond to a false signal and react to a rise in inflation that may not last, we could stifle the recovery.”
“The inflation outlook is stronger today than before the pandemic“.
“The labor market doesn’t look overly tight.”
“The danger of high inflation taking hold seems contained for the time being.”
Source: Fx Street
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