MercoPress. South Atlantic News Agency

EU Parliament wants an end to ECB meetings with private sector behind closed doors

Chief economist Lane revealed during a private meeting with German economists that the ECB does not expect to reach its inflation target of 2% until 2025,

The European Central Bank is facing strong demands to finish meetings behind closed doors with the private sector, following on disclosure that chief economist Philip Lane allegedly anticipated an inflation forecast, not yet published, in one of such events.

Financial Times reported that Lane revealed during a private meeting with German economists that the ECB does not expect to reach its inflation target of 2% until 2025, a piece of information which was not public and could be used to interfere with future trends of interest rates.

The news was partially replied by the ECB, the central bank of 19 countries that trade with the Euro.

Sven Giegold a respected MEP anticipated he would address a letter to Christine Lagarde, the ECB president requesting an end to such meetings. “ECB must end with this kind of exclusive meetings with the private sector in which there is no transparency about what issues are addressed”, Giegold emphasized.

According to the Financial Times Lane said at the meeting that the “midterm reference scenario” shows that inflation will grow to 2%, “following on the end its three year projection period”

BCE described the FT piece as “incorrect” and the conclusion that Euro interest rates could be raised in 2023.
However a FT spokesperson said it stood by its reporting .