SPEECH  Monetary policy in a cost-of-living crisis Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on the “Fight against inflation” at the IV Edition Foro La Toja La Toja, 30 September 2022 The euro area is facing a cost-of-living crisis.
At any point in time there are quite a few possible paths that the cash rate could follow to achieve Australia’s inflation target, which is to achieve an average rate of inflation over time of 2 point something. Consistent with the Reserve Bank Act, we set out to choose the path that, in our judgement, best promotes the welfare of the Australian people.