Currently, he says, short-, medium- and long-term inflation expectations have already risen significantly. According to Wieland, the risk is increasing that inflation will be well above the ECB target in the longer term.
At present, Wieland does not see any danger of a new euro debt crisis. Even in the event of higher interest rates, countries such as Italy, Spain or France would have sufficient time to change course before interest expenditure rises significantly. The ESM and the ECB's OMT program are good crisis protection, Wieland said.
Börsen-Zeitung. "Was Top-Ökonomen Lagarde & Co. raten" (€)