Until now, the ECB had always communicated that the inflation rate would be below the target of two percent in 2022, said Wieland. Now, the assumption is 3.2 percent. According to Wieland, there has never been such a strong revision in the history of the ECB. That is remarkable, he said. "However, it is equally remarkable that the ECB nevertheless intends to continue its expansionary monetary policy and still wants to buy net government bonds until the end of 2022." According to Wieland, an astonishing reaction when one has just raised one's own inflation forecast so massively.
In the current year, he sees an increasing risk in Germany and Europe alike that wages will soon also become a driver of inflation. He reckons that in Germany, significantly higher wage pressure can be expected perhaps as early as the second half of 2022, but by 2023 at the latest. The reason for this, however, is monetary policy.
Wirtschaftswoche: "Bald könnten auch die Löhne zum Inflationstreiber werden"