Philip Lane, ECB Chief Economist says energy shock is behind Europe’s 10.7% inflation rate. (IMF photo)
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 IMF.org
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.
Rhoda Metcalfe is an independent journalist and audio producer. Her reporting on the armed conflict in Colombia in the late 90s, as well as her work in Egypt, Turkey and South Africa has won several awards. She now produces podcasts and radio features from Washington DC and is a regular contributor to the IMF Podcast program.