An ageing world needs a different fiscal policy, says ECB

A European Central Bank policymaker says ageing societies put downward pressure on inflation rates because they spend lessMadrid — A growing cohort of elderly and fewer young people is a big factor pushing down inflation rates around the world and policies need to be adapted in response, European Central Bank policymaker Pablo HernHe sees a need for a new policy response, where there’s a “bigger role” for both fiscal and macroprudential policies.

“No wonder that most estimates point to a significant decrease in the natural rate of interest in recent decades, one closely associated to demographics,” he said.

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