As Wieland pointed out at a conference in Frankfurt, the Harmonised Index of Consumer Price (HICP) is no adequate inflation indicator. The core rate without the volatile prices for energy and food suggest an inflation of 1 percent. Other indicators as the GDP deflator indicate an even higher interest rate. "The massive monetary easing in the euro area is unnecessary," Wieland said.
Börsen-Zeitung: "Von Physikern und Geldpolitikern"