Too low, too high: What’s next for inflation?

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The document discusses the topic of inflation and its potential to return to the euro area after the COVID-19 pandemic. It starts by highlighting that inflation in the euro area was persistently too low before the pandemic, which was attributed to a combination of cyclical and structural factors. The author then presents three potential factors that could lead to higher inflationary pressure in the future: geopolitical uncertainties, demographics, and the need to decarbonize the economy. The implications of these factors for monetary policy are also discussed, with the author emphasizing the importance of maintaining price stability and not allowing inflation expectations to become de-anchored. The document concludes by expressing the author's hope that the conference will provide valuable insights into inflation dynamics and monetary policy.