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  • 1 min

The ECB ready to maintain its accommodative policy in 2019

  • 13 December 2018
  • Philippe Waechter
  • ECB
  • Interest Rates
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The ECB puts all its energy on it but inflation does not converge frankly towards the objective (2%) it has defined. Can we say, like Mario Draghi, that the Quantitative Easing has worked properly?
Yes probably on the activity. The fall of all the interest rates has modified the inter-temporal trade-off on consumers’ side favoring the immediate expenses to the detriment of the future expenses.
On inflation? Yes, if the recovery helped to avoid deflation but beyond? We can wonder. Convergence towards the ECB’s target is postponed year after year.
Forecasts on growth (convergence towards potential in 2021 estimated at 1.5% by the ECB) and on inflation, suggest, except to change the reaction function, that the ECB will remain accommodative for a extended time.

Related Topics
  • ECB
  • Interest Rates
On the same topic
  • 1 min

The Fed lowers its benchmark rate but stop there

  • 30 October 2019
  • Monetary Policy

Philippe Waechter

The Fed lowers its benchmark rate to 1.5-1.75%. It says it wants to take a break. It downplayed expectations of another cut this year. The three drops this year are…
  • Federal Reserve
  • Interest Rates
  • Monetary Policy
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  • 2 min

The German saving rate doesn’t depend on the ECB interest rates

  • 18 October 2019
  • Euro Area

Philippe Waechter

There is a lot of talks about the German savings rate, which is supposed to have increased recently in response to the drop in interest rates, notably the ECB rates.…
  • Germany
  • Saving Rate
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  • 4 min

Some thoughts on US monetary policy*

  • 20 September 2019
  • Monetary Policy

Philippe Waechter

The US central bank – the Federal Reserve – has trimmed its key interest rate again, marking a further step forward down a new track. Its monetary policy is now…
  • Business Cycle
  • Federal Reserve
  • Monetary Policy
READ
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