Persistently high inflation will damage the credibility of central banks, Makhlouf warns via IrishTimesBiz
The ECB has increased interest rates five times since last July in a bid to control inflation, which has returned to levels not seen since the 1980s, a process that will continue next month, with policymakers expected to opt for another 0.5 per cent increase.Mr Makhlouf warned earlier this week that Frankfurt could raise rates above 3.5 per cent from the current 3 per cent level and would be unlikely to cut them again this year.
“This means delivering on our price stability mandate in the first instance, and also communicating clearly the rationale for our policies,” he said. “Trust and credibility, painstakingly built over time, can be destroyed quickly.”
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