12.01.2022 – 13:00
The former president of the Munich Ifo Institute, Hans-Werner Sinn, has called on the European Central Bank (ECB) to change course in monetary policy. “The fire of inflation has to be stopped immediately because it will be very difficult to extinguish it later. The ECB’s appeasement policy is contrary to treaty and irresponsible. The Americans and British have long since started to raise interest rates. The ECB should follow suit,” says Sinn in the weekly newspaper DIE ZEIT.
The inflation rate rose to 5.3 percent in December. It is well above the European Central Bank’s target of two percent. Above all, Sinn fears that wages and prices will rock each other up. The unions would “demand last year’s inflation in the coming wage rounds. We are getting a wage-price spiral”.
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Original content by: DIE ZEIT, transmitted by news aktuell