One should not forget that there is still another trillion left from Draghi’s QE programme to be paid. Finally, BIS central bankers’ speeches  3  some analysts claim that an issue of macroprudential policy arises here which, as is wellknown, addresses risks to the financial system as a whole.
In high inflation environments, firms tend to adjust prices more frequently—otherwise, their prices would quickly fall out of  -4step with their costs and the prices set by other firms.2 This makes it relatively easy for firms to quickly pass on cost changes to their customers.3, 4 In contrast, firms can make do with less frequent price adjustments when inflation is low.