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Oesterreichische Nationalbank monetary policy panel

· Andrew Bailey, Governor of the Bank of England (United Kingdom)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, trade, fragmentation and geopolitics, labour markets and jobs

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· Andrew Bailey Wiki · Bank of England WikiOesterreichische Nationalbank monetary policy panel

ContextOpening remarks by Andrew Bailey, Governor of the Bank of England, at the Oesterreichische Nationalbank monetary policy panel at the Annual Economic Conference, Vienna, 23 May 2022.

Why it mattersBailey warns that second-round effects could make inflation persist.

Problems raised
  1. Large external shocks raise prices.
  2. A shrinking labour force is an internal shock.
  3. Second-round effects could make inflation persist.
Solutions proposed
  1. Return inflation to target.
  2. Watch domestic wage and price setting.
  3. Support Ukraine.
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