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1 Apr, 3 tweets, 2 min read
(THREAD) The recent volatility of inflation can be largely attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane on #TheECBBlog.

Read his blog post ecb.europa.eu/press/blog/dat… 1/3
Lane: The increase in inflation during 2021 can be best interpreted as the unwinding of disinflationary forces that took hold in 2020. It does not constitute the basis for a sustained shift in inflation dynamics 2/3
Lane: Offsetting the negative shock to inflation is only the first stage of the monetary policy challenge. Even after disinflationary pressures have been sufficiently offset, we will have to ensure timely and robust convergence to our inflation aim over the medium term. 3/3

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European Central Bank Profile picture
10 Feb
A digital euro would increase consumer choice, reduce costs and support the digitalisation of the economy, says Executive Board member Fabio Panetta. It would offer a safe means of payment and preserve money as a public good. Full speech ecb.europa.eu/press/key/date… 1/4
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Economie Bulletin box: Developments in the tourism sector during the COVID-19 pandemic ecb.europa.eu/pub/economic-b…
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30 Nov 20
(THREAD) When investors go green, they go European, ongoing research by ECB and @DNB_NL economists shows. Home bias in the green bond market is much weaker than in the bond market as a whole 1/4
Buying green bonds from across Europe increases portfolio diversity, which makes investments less vulnerable to fluctuations and shocks in the domestic economy 2/4
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(THREAD) Technological innovation opens up opportunities and risks, says Executive Board member Fabio Panetta at the @Bundesbank's conference “Future of Payments in Europe“. Our strategy is to empower Europeans with efficient, inclusive and secure payments in the digital age 1/5
Panetta: Big tech and stablecoins could disrupt the European financial system. While they could offer convenient and efficient payment solutions, they risk endangering competition, privacy, financial stability and even monetary sovereignty 2/5
Panetta: We are implementing a comprehensive policy to ensure that citizens’ payment needs are met, while safeguarding the integrity of the payment system and financial stability. We are also promoting safe, pan-European instant payments 3/5
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European Central Bank Profile picture
27 Nov 20
(THREAD) We cannot afford to be too optimistic, says Executive Board member Fabio Panetta to @Expresso. There should not be any doubt about our commitment to bring inflation back to our aim or about the continuity of our policies even when the recovery gets underway 1/4
Panetta: With the second wave, the starting point for the inflation outlook is now lower than a few months ago. Uncertainty might leave scars even after the economy recovers. We cannot hesitate to take decisive measures to avoid a disanchoring of inflation expectations 2/4
Panetta: We have the firepower, we have instruments that we can recalibrate, and we’re going to do so. Fiscal policy is also an essential element to respond to the crisis and to support our stabilisation goals 3/4
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European Central Bank Profile picture
26 Nov 20
(THREAD) Chief Economist Philip R. Lane reflects on the role of monetary policy in a pandemic.

Read the speech ecb.europa.eu/press/key/date… 1/5
Lane: While the recent news on vaccines is very welcome and reduces the likelihood of the most severe scenarios, the current surge in infections and the re-imposition of containment measures serve as warning signals that the recovery will still be long and fraught with risks 2/5
Lane: The impact of the pandemic varies across countries while the services sector is clearly bearing the brunt of the pandemic. Fiscal policy is in the best position to differentiate and channel economic support to where it is needed most 3/5
Read 5 tweets

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