A larger “sacrifice” will be needed to tame inflation than in previous bouts of monetary policy tightening, according to European Central Bank officials who warned that price growth risks spinning out of control if forceful action is not taken.
Isabel Schnabel, an ECB executive board member, and Fran?ois Villeroy de Galhau, governor of the Banque de France, said on Saturday that European monetary policy would have to remain tight for an extended period of time.
Their remarks at the Jackson Hole gathering of central bankers from around the world in Wyoming, US, echoed those of Federal Reserve chair Jay Powell, who on Friday vowed to “keep at it” to quash inflation.
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