Economic models in Europe have turned out to be poorly adapted to predicting global crises, according to the European Central Bank. He expressed this in an interview with the newspaper. La Tribune Dimanche the regulator’s president, Christine Lagarde.
According to him, the world has been experiencing a permanent crisis for several years – a pandemic, the situation in Ukraine, inflation, energy crisis. However, EU central bank models do not fully take these factors into account when making forecasts. “Macroeconomic models used by central banks and others superficially took these categories of uncertainty into account and did not take them into account when forecasting growth and inflation,” Lagarde said.
Additionally, the ECB president also advised getting used to high oil prices. “I think we need to get used to the idea that oil prices will remain high. “This should push us to fight stronger against climate change and move towards an energy structure less dependent on fossil fuels and external suppliers,” he said.
According to him, the ECB is working diligently. work To increase the accuracy of predictions. Previously, Lagarde said the ECB’s tough policy would help inflation return to the 2% target level.
Previous Analyst appreciated Russia’s role in the European gas market.