ECB officials call for decisive monetary policy

The European Central Bank (ECB) must take forceful action against soaring inflation in the eurozone, in the view of ECB Director Isabel Schnabel. Both the likelihood and the cost of the current high inflation rate becoming entrenched in expectations are uncomfortably high, she said at a Federal Reserve symposium in Jackson Hole, Wyoming on Saturday. „In this environment, central banks need to act forcefully,“ the German economist said. They need to act decisively against the danger that people will begin to doubt the long-term stability of their currencies.