从近期通胀飙升中汲取的教训——欧洲的经验.pdf

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1、2,JUNE 2025LESSONS LEARNT FROM THE RECENTINFLATION SURGE,THE EUROPEANEXPERIENCE-SESSION 3-FISCAL INFLUENCE ON INFLATION IN OECD COUNTRIESBOK CONFERENCE 2025STPHANE LATOUCHECHIEF REPRESENTATIVE FOR APAC2INFLATION POST PANDEMIC EXPLAINED BY ENERGY AND THEN FOOD PRICE CHOCK Decomposition Inflation A3FI

2、SCAL STIMULUS POINT TO SIZEABLE MACROECONOMIC EFFECTS IMPACT OF TARIFF SHIELD IN FRANCE4ECB MONETARY POLICY,STRONG AND RAPID REACTIONThree key ECB Policy Rates(%)Monetary policy assets(billion)2,252,652,40-101234567In%Deposit Facility RateMarginal Lending FacilityMain Refinancing Operations5THE RECE

3、NT DISINFLATION,GOOD FORTUNE OR GOOD POLICY?6INFLATION EXPECTATIONS HAVE REMAINED ANCHORED Market-BasedLong-Term Inflation ExpectationsConsumers long-term inflation expectations7SOVEREIGN YIELDS AND SOVEREIGN SPREADS IN CHECK10-year euro area sovereign bond yields(percentages per annum)10-year euro area sovereign bond spreads towards German Bund8THE RECENT FALL IN INFLATION HAS BEEN MORE RAPID AND LESS COSTLY IN TERMS OF GROWTH AND EMPLOYMENT