The final track of the Platinum Jubilee celebrations, and what will possibly have the most enduring value, is the outreach programme. The focus of the outreach programme has been financial inclusion and financial literacy.
The ECB has not met its inflation objective since 2013. Has it failed to fulfil its price stability mandate? Let’s not forget that the risk of deflation was averted, and that risk was extremely dangerous. Inflation has indeed been below the objective for some time, but behind this there are structural changes for which we don’t yet have a full explanation.