Kommentar: Die Inflation entlarvt Europas große Schwäche
Der Anstieg der Teuerung ist, anders als in den USA, kein Ausdruck wirtschaftlicher Stärke. Die EZB wirkt entschlossen, wird aber vor allem von äußeren Faktoren getrieben.
The European Central Bank (ECB) and the Federal Reserve (Fed) operate in vastly different worlds when it comes to monetary policy, according to an opinion piece. Both claim to surprise markets, but while ECB President Christine Lagarde's approach is predictable, the Fed's under Chairman Kevin Warsh is anything but. Markets seem to know weeks ahead of Lagarde's decisions that the ECB will raise interest rates next week.
ECB Deputy Director Isabel Schnabel has effectively confirmed this plan, with several Euro central bank officials agreeing. Lagarde, a jurist with an agnostic stance on monetary policy, is unlikely to challenge the decision. In contrast, the Fed under Chairman Warsh aims to create maximum confusion in markets. The question of whether the Fed will raise rates in mid-September, six days after the ECB, remains uncertain, with Warsh's explicit discussion of inflation concerns in Jackson Hole adding to the unpredictability.
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- Commentary: Inflation exposes Europe's great weakness handelsblatt.com
