Abstract
AbstractMonetary policy currently has only limited room for manoeuvre to fight inflation. Structural supply problems, war and past omissions are having an impact. Inflation is hitting those hardest who cannot pass on the price increase. There is no evidence of a wage-price spiral in Germany at present. Raising the key interest rates now will not lead directly to a reduction in inflation. However, combining monetary policy with social and climate policy goals has great potential. It is a matter of having the courage to pursue a green monetary policy.
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