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Monetary Policy Challenges 2023: Prudent Recalibration Required: The ECB’s Response to the 2022 Price shocks

The ECB did not respond hesitantly to the price-shock induced rise in inflation, but rather prudently, at first, and then very strongly. Further rate hike are currently not required and bear substantial risks. Falling energy prices and lower profits in sectors with fading bottlenecks should compensate for the moderate wage overshoot.

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