ECB president is up and running with his speech in Germany •sees no reason for permanently lower inflation •specific Eurozone challenges don't justify inaction •mon pol can not be relaxed about aeries of supply shocks •ECB will not surrender to low inflation •no doubt that if we needed to adopt a more expansionary policy the risk of side effects •would not stand in our way •risks of acting too late outweigh risks of acting too early "Let me summarise. There are forces in the global economy today that are conspiring to hold inflation down. Those forces might cause inflation to return more slowly to our objective. But ... (full story)