- Inflation in Europe had started to rise before Russia’s commodity shock.
- The current weakness of the euro has been another factor that has been driving inflation higher.
- ECB President Lagarde used the word ‘flexibility’ twelve times at their June conference, adding that the Council was prepared to use the flexibility given by their mandate on inflation.
- The political landscape in Europe is likely to be supportive of the ECB taking action to tackle the rising inflation.
About the author
Portfolio Manager - Fixed Income
Lionel Oster is a Portfolio Manager in the Fixed Income team. He contributes to the management of a range of Currency and Global Sovereign strategies.
Lionel joined UBS Asset Management in 2006. Prior to this he worked at F&C Asset Management for 10 years, most recently as head of the European government bond team.
Lionel is a Regular Member of the UKSIP.
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