ECB'S LAGARDE: GIVEN RECENT EXPERIENCE WITH HIGH INFLATION, ECONOMY MAY BE MORE
QUICK TO ADJUST
ECB'S LAGARDE: THERE ARE FACTORS TODAY WHICH POINT TO A LESSER PASS THROUGH THAN
IN 2O21/22
ECB'S LAGARDE: BROAD PASS-THROUGH FROM ENERGY PRICES IS THE EXCEPTION RATHER
THAN THE RULE
ECB'S LAGARDE: IF THE SHOCK GIVES RISE TO A LARGE THOUGH NOT-TOO-PERSISTENT
OVERSHOOT OF OUR TARGET, SOME MEASURED ADJUSTMENT OF POLICY COULD BE WARRANTED
ECB'S LAGARDE: THE CASE FOR ACTION BECOMES STRONGER WHEN DEVIATIONS FROMOUR
INFLATION TARGET GROW LARGER AND MORE PERSISTENT
ECB'S LAGARDE: WE MUST IDENTIFY WHEN HIGHER ENERGY COSTS RISK SPILLING OVER INTO
BROAD-BASED INFLATION
ECB'S LAGARDE: MUST PAY CLOSE ATTENTION TO EARLY WARNING SIGNS THAT THE SHOCK IS
EMBEDDING IN BROADER INFLATION DYNAMICS
