Euro-area inflation has been below 1 percent since October 2013, and medium-term inflation expectations are well below … 2 percent. Forecasts of the return to target inflation have proved wrong. The European Central Bank should act … introducing another long-term refinancing operation could be beneficial, but would be unlikely to change substantially inflation …

* Inflation rates can differ across regions of monetary unions. We show that in the euro area, the US, Canada, Japan … and Australia, inflation rates have been substantially and persistently different in different regions. Differences were … particularly substantial in the euro area. Inflation differences can reflect normal adjustment processes such as price convergence …

impact on area-wide inflation. ‘Every man for himself’ is not an option. But coordination is difficult because it involves 19 …

The general macroeconomic situation and weak inflation dynamics justified quantitative easing (QE) in the euro area …. Doubts have emerged about its effectiveness as inflation has remained weak. However, we do not know where inflation would … have been without QE and the still large slack in the economy suggests that inflation might increase only in a few years …

to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current …