Reports on economic crisis See all

Christine Lagarde and Jerome Powell greeting each other during a meeting of finance ministers and central bankers at the G20 summit in Buenos Aires in July 2018.

The Fed and ECB: Average inflation targeting for two

Central banks have long maintained that price stability means 2 percent inflation. Now we hear from the U.S. Federal Reserve and the European Central Bank that it actually means “average” 2 percent inflation. This seemingly small change in the banks’ mission aims to contain and sustain public debt, not inflation.

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