Speech by Philip Lane, Member of the Executive Board of the ECB, at the Bank of Finland conference on Monetary Policy and Future of EMU, Helsinki, 1 July 2019
欧洲央行执行委员会成员、新任首席经济学家Philip R. Lane在赫尔辛基的芬兰银行货币政策与欧洲货币联盟未来会议上发表讲话。
I would like to thank the Bank of Finland for inviting me to speak at this conference in Helsinki today.
In my contribution, I wish to share some thoughts on the conduct of monetary policy in a low-inflation environment. This is a global topic that generates similar challenges for most of the central banks represented at this event. To a significant extent, this sequence of low inflation rates reflects the prolonged adjustment dynamics that characterise the aftermath of a major global financial crisis, together with a substantial downward shift in the realisation of shocks to inflation that we have observed in recent years. At the same time, regardless of the underlying origins of the current low inflation environment, some observers may be tempted to query whether and how central banks will meet their inflation objectives, especially under conditions in which monetary accommodation is already quite extensive.
To address these concerns in respect of the euro area, I will demonstrate the effectiveness of the policy instruments that we have deployed to ensure that inflation climbs to meet our objective over the medium term. As will be explained in the analysis, my assessment is that the evidence shows that our package of monetary policy measures has been an effective response to the environment that the ECB has faced in recent years. Furthermore, the effectiveness of the policy toolkit means that we can add further monetary accommodation if it is required to deliver our objective.
Finally, especially when inflation deviates from its objective for an extended period, central banks ‒ including the ECB ‒ should adopt clear communication strategies that leave no doubt about their absolute commitment to meeting the inflation objective over the medium term.