There’s a Limit to How Far the ECB Can Diverge From the Fed, Vasle Says

-- The European Central Bank can’t fully disregard inflation dynamics and monetary policy in the US when charting its own path, Governing Council member Bostjan Vasle said.Even if the conditions in both economies may call for different responses, there are linkages that officials in Frankfurt will take into account, the Slovenian central-bank governor said in an interview in Washington, where he’s attending the International Monetary Fund and World Bank spring meetings.

But Vasle argued “there is a significant probability that the drivers behind a higher or more persistent inflation in the US will also become visible in other parts of the world and also in the euro area.” He also cited “a lot of trade and financial flows between Europe and the US.” “If the current baseline materializes, then it’ll very soon become appropriate to lower the level of restriction and to follow that up with further steps in the second half of the year,” he said. “When we start the process of lowering interest rates, to me it would be appropriate to discuss further steps as well — related to the pace, the frequency and also the end point.

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