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Anatomy of a fall in inflation - from a successful first phase to the conditions for a controlled landing

· François Villeroy de Galhau, Governor of the Banque de France (France)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, climate, energy and nature

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· François Villeroy de Galhau Wiki · Banque de France WikiAnatomy of a fall in inflation - from a successful first phase to the conditions for a controlled landing

ContextSpeech on the fall in inflation published by the Banque de France; the central bank keeps prices stable and seeks a controlled landing after a sharp tightening.

Why it mattersVilleroy credits monetary policy for the fall in inflation and sees risks as now symmetric.

Problems raised
  1. Energy shocks and supply disruptions drove inflation.
  2. Inflation spread to core prices.
  3. Monetary tightening was unprecedented.
Solutions proposed
  1. Credit monetary policy for lowering inflation.
  2. Aim for a controlled landing.
  3. Treat risks as now symmetric.
Read full speech on bis.org ↗

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