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ECB Chief Economist speaks about inflation and the “playbook” for monetary policy decisions

Philip R. Lane says the European Central Bank is closely monitoring the evolving situation in Ukraine.

Speaking about inflation in the eurozone and the European Central Bank’s strategy for ensuring price stability and financial stability, ECB Chief Economist and Member of the Executive Board Philip R. Lane gave a talk at the Hertie School on 2 March 2022 and took part in a public discussion with Mark Hallerberg, Hertie School Acting President and Professor of Political Economy.

Lane addressed around 120 people in person and online in a speech about the economic outlook for the eurozone and the monetary strategy of the ECB in the wake of the pandemic and the war in Ukraine. He detailed the ECB’s “playbook for monetary policy decisions.”

Lane also commented that the ECB is “closely monitoring the evolving situation” after the Russian invasion of Ukraine. "With regard to policy measures, the ECB will implement the sanctions decided by the EU and the European governments. The ECB will also ensure smooth liquidity conditions and the access of citizens to cash. The ECB stands ready to take whatever action is needed to fulfil its responsibilities to ensure price stability and financial stability in the euro area," he said. “As stated by President Lagarde last Friday, at this dark moment for Europe, the thoughts of the ECB’s Governing Council are with the people of Ukraine.”

The full text of Lane’s speech is available on the ECB website.

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