Philippe Legrain argues that while the data are cause for vigilance, monetary tightening would be dangerously premature.
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Economics
Jun 5, 2026
Philippe Legrain
Against a backdrop of acute uncertainty, weak growth, subdued wages, and elevated market interest rates, monetary tightening is warranted only when there is convincing evidence that higher inflation is becoming entrenched. No such evidence has yet materialized in Europe.
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