But consumers are not stupid either, he said, and look around "when prices hurt." According to Wieland, inflation has a negative impact on the purchasing power of the euro. Imported energy and raw materials are more expensive, he said. "We now have to sell more cars to buy the same amount of Norwegian gas."
In Wieland's view, the central bank in particular is now called upon. "A greed debate must not distract from the fact that inflation is the central bank's responsibility." Central banks may not be able to cushion the immediate shock of energy prices. "But they can ensure that aggregate demand comes into line with lower supply," Wieland said.
Süddeutsche Zeitung: "Wie viel Gier steckt hinter den steigenden Preisen?" (€)