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ECB president's forecast: Inflation will reach the 2% target next year!

2024-09-21 13:28:39Kosova&Bota SHKRUAR NGA REDAKSIA VOX

ECB president's forecast: Inflation will reach the 2% target next year!

European Central Bank President Christine Lagarde has hailed the "remarkable" easing of price pressures that have gripped the global economy over the past three years, stressing its minimal impact on employment and predicting that European inflation will return to target by in mid-2025.

"It is rare to avoid a major worsening of unemployment when central banks raise interest rates in response to high energy prices," Lagarde said. However, Lagarde warned that "uncertainty ahead is still deep", as the global economy is currently facing "transformational changes".

Lagarde made the comments during her keynote address at the 2024 Michel Camdessus Central Bank Lecture hosted by the International Monetary Fund (IMF) in Washington, an institution she led during key moments such as the aftermath of the Great Financial Crisis and the debt crisis. sovereign of the Eurozone. In her remarks, Lagarde emphasized the need for an adaptive monetary policy in an era of structural changes.

Lagarde concluded by emphasizing the importance of accommodative monetary policy as the global economy continues to evolve. The forthcoming review of the ECB's 2025 strategy will focus on understanding long-term structural changes in the post-pandemic world, with a particular emphasis on how these changes affect the transmission of monetary policy.

Artificial intelligence (AI) and machine learning will play a critical role in improving forecasting models, especially for the current transmission of inflation. Lagarde's speech underlined that monetary policy must remain dynamic to keep pace with a world in flux.

While the fundamental goals of monetary policy – ​​notably price stability – remain unchanged, central banks must remain flexible, adapting to the realities of a rapidly transforming global economy. As Lagarde rightly said: "Stability should not mean rigidity".


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