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High inflation, weak growth – the priorities of monetary, fiscal and economic policy

· Joachim Nagel, President of the Deutsche Bundesbank (Germany)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, public finances and debt, growth, investment and productivity

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiHigh inflation, weak growth – the priorities of monetary, fiscal and economic policy

ContextSpeech at the Bundesbank's Capital City Reception in Berlin; the Bundesbank is Germany's central bank within the euro system and faces high inflation and weak growth.

Why it mattersNagel argues that price stability is only valued once lost.

Problems raised
  1. Inflation is high while growth is weak.
  2. Price stability is only valued when lost.
  3. Firms need predictable policy to invest.
Solutions proposed
  1. Prioritise restoring price stability.
  2. Keep fiscal policy targeted and temporary.
  3. Make economic policy forward-looking and dependable.
Read full speech on bis.org ↗

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