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breaking news ECB Schnabel: There is a risk that monetary and fiscal policies will pull in opposite directions


ECB’s Schnabel speaks. She says:

  • In the current environment, there is a risk that monetary and fiscal policies will pull in opposite directions
  • we remain ready to fight against the fragmentation of financial markets which is not justified
  • data received to date suggests that room to slow the pace of interest rate adjustments remains limited
  • A new macroeconomic environment requires a different combination of monetary fiscal policies
  • we will have to raise interest rates again, probably into restrictive territory
  • the last risk for central banks remains a falsely calibrated policy on the assumption of a rapid decline in inflation
  • there is growing evidence that the pandemic of the energy crisis could have more permanent negative effects on current and future potential output

ECB Schnabel’s not-so-positive or accommodating comments

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