Cutting ECB inflation target ill-advised, Roundtable with Philadelphia Fed President Patrick Harker

Banking, Comment, Conferences, Seminars, Forums, Finance, Reports — By on December 4, 2019 at 7:05 AM

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Cutting ECB inflation target ill-advised, Roundtable with Philadelphia Fed President Patrick Harker

Wednesday 4 December 2019 – Vol.10 Ed.49.2

Commentary: Cutting ECB inflation target ill-advised

By Mark Sobel in Washington

The European Central Bank’s new president, Christine Lagarde, has launched a strategic review of monetary policy. This is a welcome initiative. However, some analysts and governing council members are calling for lowering the ECB’s inflation target of ‘close to, but below 2%.’ Doing so or redefining it as a band of 1%-2% is ill-advised. It would only buttress the euro area’s current deflationary bias and intensify challenges that smaller member economies face. Instead, the euro area should do its utmost to spur growth.

Read the full commentary on the website.

Meeting: Monetary policy normalisation – Low interest rates and the new normal 

Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia

Wednesday 15 January, New York, 11:00-12:30 EST

The Federal Reserve is reverting to lowering interest rates as the US economy presents a mixed picture for policy-makers. Questions are being raised about adjusting to a ‘new normal’ and the validity of unconventional policy tools. Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia, and Roc Armenter, its vice-president and economist, discuss the Fed’s balance sheet and long-term policy normalisation.

Request to attend the meeting.

 

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