We assess the relevance of the monetary policy of the ECB in the context of persistent inflation differentials among … adopted an appropriate monetary policy rule to prevent low inflation countries from a deflationary spiral, but that it did not … consider the negative effects induced as a consequence on the countries with a higher inflation rate. This raises the question …

maintaining price stability have experienced the lowest and most stable inflation rates in recent decades. The present paper … reviews and critically evaluates this political economy literature which relates inflation performances to the constitutional …