ECB: The inflation outlook and monetary policy in the euro area

Lug 09 2023

At the onset of the current inflation surge, the euro area economy was hit by a succession of extraordinary adverse supply shocks which pushed inflation far above the ECB’s 2% medium-term target. The COVID-19 lockdowns in 2020 led to the enforced closure of large parts of the economy and a sharp drop in activity levels and inflation. As the consumer goods industry reopened and consumption patterns shifted from contact-intensive services to goods, supply and demand mismatches emerged…


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