Financial Stability / Inflation

Philip Lane on the Nature of Europe’s Double-Digit Inflation

Philip R. Lane

November 17, 2022

Philip Lane, ECB Chief Economist says energy shock is behind Europe’s 10.7% inflation rate. (IMF photo)

In This Episode

Inflation is high virtually everywhere, but what’s pushing prices to record levels in Europe is not necessarily what’s fueling inflation in the United States. The European Central Bank and the Federal Reserve share a common problem and similar financial tools to fight it, but Europe’s supply-dominated inflation and America’s mostly demand-dominated inflation require slightly different approaches. Philip Lane is Chief Economist for the European Central Bank. In this podcast, he says finding the “sweet spot” between fiscal and monetary policies will allow for continued support to vulnerable Europeans hard hit by high energy prices and double-digit inflation, while not further straining public finances. Transcript

Philip Lane participated in the IMF Jacques Polak Annual Research Conference. Watch the Webcast at

Philip Richard Lane is an Irish economist who has been serving as a member of the Executive Board of the European Central Bank since 2019 and concurrently as ECB chief economist.

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International Monetary Fund

Bruce Edwards produces the IMF podcast program. He's an award-winning audio producer and journalist who's covered armed conflicts, social unrest, and natural disasters from all corners of the world. He believes economists have an important role in solving the world's problems and aspires to showcase their research in every IMF podcast.

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