A service of the

Forum · Issue 2 · 2022
The Challenges of Inflation in Europe and the US

Forum · Issue 1 · 2022
Redesigning EU Fiscal Rules After COVID‑19

Forum · Issue 6 · 2021
Europe’s Path to Net Zero Emissions

Inflation
European Inflation in an American Mirror

How different is Europe from the United States? Barry Eichengreen argues that while the risks in the U.S. are tilted towards inflation, those in the euro area are more evenly balanced.

online first
Green Public Procurement

Green public procurement is underutilised in Europe. A new EU regulatory action in this field could unlock the potential of green public procurement and add an important element to the European Green Deal toolbox.

Economic Forecasting
Why Did (Almost) No One See the Inflation Coming?

The inflation in both European and US economies was not foreseen by the standard economic models. This failure should increase concern about the trajectory of inflation going forward, writes Jason Furman.

War in Ukraine
The EU Without Russian Oil and Gas

While Western sanctions have had strong effects on the Russian economy, they are falling short of their goal of bringing Russia’s economic capacity for war to an end, writes Guntram Wolff.

monetary policy
The Inflation Surge of 2021-22

Ángel Ubide argues that it is too early to declare mission accomplished on the reanchoring of inflation expectations at the 2% target. A well-managed adjustment of monetary policy could stabilise inflation at the target.

United Kingdom
On Returning Inflation to Target

Catherine L. Mann and Lennart Brandt review the sectoral sources of the 2021 inflation surge in the UK, assess the prospects for returning inflation to the 2% target and analyse the role for monetary policy.

Quote of the Month

"[P]olicymakers should not rely on statistical relationships that held in the decades before the pandemic when making predictions in today’s very different environment."

Jason Furman
Why Did (Almost) No One See the Inflation Coming?

Current Issue

Volume 57
2022
Issue 2

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Figure of the Month

Euro area HICP outlook – baseline, adverse and severe scenario (annual percentage change)

While inflation in the euro area is expected to stay high this year as inflationary pressures have broadened and become more persistent, inflation is likely to stabilise at 2% in the medium term.