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Contributions by Dr Jörg Zeuner, Chief Economist of KfW

(Older entries only available in German)

Current comments

01-04-2019 | Euro area inflation

"Anyone who believes that falling inflation reflects economic weakness is not quite right. It is the Easter bunny effect. It jumped into April this year, when package holidays in particular are likely to become noticeably more expensive. At the same time, the Easter rise in prices is missing this month, as can be seen from the low core inflation rate. Consequently, the ECB should hardly be concerned about the current data. However, if the economic trend does not turn positive soon, this would actually increase the nervousness of the Governing Council. In recent years, the central bank has always done what had to be done to enable healthy price developments. Now, unconventional measures would be most effective if they came from fiscal policy." (Dr Jörg Zeuner)

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Chief Economist of KfW Dr Jörg Zeuner

Further comments


KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,


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