The previous Joint Conference on this topic took place almost three years ago. A short space of time under normal circumstances. But in light of the global events that have overwhelmed us during these past three years – the pandemic and Russia's war on Ukraine – it's almost like another era for many. The same can be said about economic developments.
Three years ago, the Bundesbank presented some insights from a pilot survey on household expectations. The key results: Inflation expectations in Germany indicated no risks to price stability. At that time, risks to price stability mainly meant the risk of deflation. Indeed, in those days, some economists even proclaimed the end of inflation.