这位斯洛伐克央行行长在接受采访时称：“对悬崖效应的担忧并不意味着需要加码标准的资产购买计划”。ECB officials have decided to make a decision on how to adjust monetary policy at the December meeting.
Concern about the cliff effect does not mean that a standard asset purchase plan is needed.
Peter Kazimir, the ECB's governing board, said the central bank does not necessarily have to increase the size of its old bond-buying programme when the emergency stimulus package expires.
"concerns about cliff effects do not mean that standard asset purchases are needed," the Slovak central bank governor said in an interview.
He said the ECB had proved that monetary policy could be made "extremely flexibly" in response to special circumstances, that there was no automatic formula and that "we will make decisions according to the conditions of a particular time".
The ECB's 1.85 trillion euros ($2.2 trillion) emergency asset purchase program expires in March, when officials believe the crisis phase is over. The weak medium-term inflation outlook and concerns about economic restructuring have led economists to expect the ECB to scale up its asset purchase programme since 2015. The plan currently has a monthly quota of 20 billion euros.
Kazimir said the emergency bond-buying program to deal with the epidemic has been working well and is now in its final stages. "this is a special tool designed for special situations and will be eliminated when it is no longer needed. The market seems to understand that with the end of the epidemic, this tool will be withdrawn from the stage.
ECB officials have decided to make a decision on how to adjust monetary policy at their December meeting so as not to affect the economic recovery. Madis Muller, the management committee, has said he will consider increasing the pace of debt purchases for old projects, but he also said he was "not sure" whether this was the best way.
Inflation risk
Christine Lagarde, president of the European Central Bank, said on Tuesday that the emergency project to deal with the epidemic was "nearing the end" and that the euro zone was experiencing high growth andA "highly atypical recovery" characterized by supply bottlenecks.
She also reiterated that the current price pressure is expected to ease. Inflation rose to 3 per cent in August, but is expected to slow next year, below the ECB's 2 per cent target.
Like other members of the management committee, Kazimir said the risks to the inflation outlook were upside and that the "key risk" of the baseline forecast was production problems for the manufacturing sector.
"if inflation remains high next year due to supply bottlenecks, I am worried that inflation may also spread to next year's wage negotiations, but so far we have not seen this happen in major countries," he said. "
However, he said he believed that solutions to these logistics problems would eventually be found and that their impact on consumer prices would not be lasting. By contrast, the transition to a more carbon-neutral economy is "likely to have a more lasting impact on inflation".
