El Bundesbank podría aceptar mayor inflación en Alemania

Genevieve Signoret & Patrick Signoret

El banco central alemán, uno de los más restrictivos, señaló que podría aceptar que una tasa de inflación más alta que la del promedio de la zona del euro como parte de un proceso de ajuste que permita ganar competitividad a los países de la periferia (FT). (El informe pertinente del Bundesbank está aquí, pero sólo está disponible en alemán)

A future German inflation rate above the eurozone average could be part of a natural adjustment process as crisis-hit countries pulled themselves out of recession, the Bundesbank argued in evidence to German parliamentarians submitted on Wednesday.

It followed comments at the weekend by Wolfgang Schäuble, German finance minister, backing stronger wage increases, which would boost domestic demand – benefiting other European countries exporting goods and services to Germany – but could drive German inflation rates higher.

The Bundesbank has for some time seen European Central Bank policy as too loose for Germany. The willingness to contemplate higher domestic inflation in public comments points to a new-found flexibility in German thinking.