Emerging economies are Argentina, Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Hungary, India, Indonesia, South Korea, Lebanon, Malaysia, Mexico, Nigeria, the Philippines, Poland, Russia, Saudi Arabia, South Africa, Thailand, Turkey, Ukraine, the United Arab Emirates, and Venezuela. */ Includes estimates for April and May. Source: IIF.
Moreover, economic activity would be subdued, there would be fewer jobs, and a sound public budget would be more difficult to achieve, even in Germany. Silently giving up on the commonly agreed inflation objective, which has served the ECB well for the last 13 years, is not an option. This would make our monetary policy less credible and would in itself create instability.