Panetta, F. (2023), Interview with Handelsblatt, 24 January. 12. ECB (2023), Consumer Expectations Survey results – December 2022. 13. In the Survey of Monetary Analysts for February 2023, longer-term expectations for headline inflation stood at 2.0% and in the Survey of Professional Forecasters for the first quarter of 2023, longer-term expectations for headline inflation were 2.1%. 14. As suggested by national accounts data. 15.
The current extraordinary situation poses a challenge to conventional tools in assessing the macroeconomic ramification of the sharp and sizeable re-orientation of the monetary policy posture and its effects on the various channels through which it affects demand and inflation (exchange rate, consumption, investment, expectations, bank lending, assets prices, etc.).