Inflation was believed to be dead by many, and for many years. Now it is back. We have to fulfil our mandate of safeguarding price stability in Europe. That is what everyone is expecting of us – not only economists, politicians and market participants but ordinary people too.
That remittances can be a powerful lever for economic development is demonstrated not only by economic theory but by economic history. Take the case of Italy. In both periods of exceptionally rapid growth (1895–1913 and 1950–1970), remittances were a crucial factor, eliminating the external constraint.