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

Inflationary pressures and uncertainties related to the severity and duration of the coronavirus pandemic have been growing steadily in the last year. In addition, the Russian war against Ukraine has provided a definitive answer to questions about whether rising inflation is just temporary. The sharp increase in already volatile food and energy prices is presenting monetary policymakers with new challenges.

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

This Forum, based on a recent conference jointly organised by Intereconomics and CEPS, provides a critical assessment of the current state of the debate on European fiscal rules, examines the recent European Fiscal Board’s reform proposal for the EU fiscal framework, draws on the experience of the national independent fiscal institutions and considers the idea of a social golden rule for public investments.

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

The European Union has set an ambitious target to reduce net greenhouse gas emissions to zero by 2050, while at the same time ensuring economic and social sustainability. The European Green Deal lays out a path towards realising this target, accelerating policy change that touches upon many aspects of the economy and society. What are the main challenges to the implementation of the European Green Deal?

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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