ECB officials predict high inflation continues in 2022

Several members of the ECB’s Governing Council gave their appraisal of the European economic situation and the prospects for 2022. Thus, Klaas Knot said that inflation is probably to remain high over the next few years. The bank’s official forecast assumes its decrease next year to 1.8%. However, Knoth considers such increased dynamics to be unlikely. Another representative of the bank, Ignazio Visco, deems inflation will be at 3% in 2022. In subsequent years, it will begin to decline and will reach the target value of 2%. At the same time, Visko noted that any prognosis for inflation is an issue to risks, both downward and upward. He believes that there is no reasoning to revise the target level for this indicator. Ignazio Visco also said the ECB would not phase out the stimulus program completely in 2022. The regulator needs to maintain conditions contributing to the effective recovery of the European economy. And the bank will do it.

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Arseny Kudrin

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