목차
LIST OF ABBREVIATIONS 6
LIST OF BOXES 7
LIST OF FIGURES 7
EXECUTIVE SUMMARY 8
1. INTRODUCTION 11
2. EU INFLATION POLICY AND THE END OF THE GREAT MODERATION 13
2.1. Two types of shockflation: The 1970s and today’s dynamics of sellers’ inflation 13
2.2. The ECB’s operational framework and the exceptional circumstances of the Great Moderation 15
2.3. The end of the Great Moderation 18
3. MAKING THE EU READY FOR A WORLD OF SHOCKFLATION 20
3.1. The limits of monetary policy 20
3.2. The return of sectoral policies 22
4. A NEW EU GOVERNANCE STRUCTURE FOR INFLATION 25
4.1. Inflation governance within the EU Treaties 25
4.2. Price shock monitoring to anticipate supply disruptions 27
4.3. Avoiding shocks to systemically important sectors 28
4.4. Stopping proliferation and amplification and avoiding distributive conflict 30
5. CONCLUSION: POLICY RECOMMENDATIONS 32
REFERENCES 33
