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October 2023

So far so good. These words are probably a fair assessment of Europe’s progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signaled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year. Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items. Bringing it back to target, durably, remains a matter of urgency. Entrenched high inflation is distortionary. Moreover, prolonged inflation means prolonged high real interest rates, which would hurt private and public investment and therefore future growth.

Blog: Europe Must Succeed in Restoring Price Stability

IMF Blogs - Europe

Euro Area Reports

Euro Area Policies: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Euro Area; IMF Country Report No. 23/264 (July 19, 2023)

A Bottom-Up Reduced Form Phillips Curve for the Euro Area (December 16, 2022)

U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis (November 11, 2022) 

Biases in Survey Inflation Expectations: Evidence from the Euro Area (September 30, 2022)

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