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ECB's Panetta: Steeper Nominal Yield Curve Must Be Resisted
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Panetta: Mind the gap(s): monetary policy and the way out of the pandemic
It is a great pleasure to be back at Bocconi and share with you my views on the current economic situation. The year ahead will present macroeconomic policymakers with critical choices. In 2020, with the pandemic raging, the direction of policy support was obvious and the choices facing policymakers were relatively narrow. Monetary and fiscal authorities everywhere intervened to support the economy on a massive scale. But in 2021, with the progress made on vaccine technology, policy choices have become less clear-cut. We face a situation in which the end of the pandemic emergency is in sight and an incipient recovery ... (full story)
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ECB’s Panetta: We Must Establish The Credibility Of Our Strategy By Demonstrating That Unwarranted Tightening Will Not Be Tolerated.
— LSTrade (@LSTrade2) March 2, 2021
We Should Not Hesitate To Increase The Volume Of Purchases And To Spend The Entire Pepp Envelope Or More If Needed.
Inflation Increase Temporary
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ECB’s Panetta: Eventually, Firm Commitment To Steering The Euro Area Yield Curve May Allow Us To Slow The Pace Of Our Purchases.
— LSTrade (@LSTrade2) March 2, 2021
Steepening In The Nominal GDP-Weighted Yield Curve We Have Been Seeing Is Unwelcome And Must Be Resisted.
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ECB’s Panetta: We Will Need To Keep Going Until We See Inflation Sustainably Reaching 2%, In An Environment Of Robust Growth And Rising Employment.
— LSTrade (@LSTrade2) March 2, 2021
Policy Support Will Have To Remain In Place Well Beyond The End Of The Pandemic.