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After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to housing and other services, amplified by wages adjustments. Despite monetary policy tightening, inflation upside risks are large. How can central banks restore control – and with it their own credibility? With the economy weakening and the risk of recession rising, how far should monetary policy tightening go? Featuring contributions from participants in the CEPS 2023 Ideas Lab session on inflation, this Forum examines the options for central banks, the obstacles in their paths and the best course of action.

  • The Political and Technical Aspects of Controlling Inflation

    Daniel Gros, Bocconi University, Milan, Italy

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  • Bringing Inflation Back Under Control

    Elena Bobeica, European Central Bank, Frankfurt, Germany
    Sarah Holton, European Central Bank, Frankfurt, Germany
    Gerrit Koester, European Central Bank, Frankfurt, Germany

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  • Reversing the Great Monetary Expansion

    Ignazio Angeloni, European University Institute, Florence, Italy; and Goethe University Frankfurt, Germany

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  • The Rocky Path to Inflation Reduction

    Markus Ferber, European Parliament, Brussels, Belgium and Strasbourg, France

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  • Global Inflation and Global Monetary Policy Tightening: Implications for the Euro Area

    Richhild Moessner, Bank for International Settlements, Basel, Switzerland; and CESifo, Munich, Germany
    Dora Xia, Bank for International Settlements, Basel, Switzerland
    Fabrizio Zampolli, Bank for International Settlements, Basel, Switzerland

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© The Author(s) 2023

Open Access: This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (https://creativecommons.org/licenses/by/4.0/).

Open Access funding provided by ZBW – Leibniz Information Centre for Economics.

DOI: 10.2478/ie-2023-0026