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JanL.Bednarczyk
NON-DECREASINGECONOMICGROWTHRATEOFINFLATION(NDEGRI)
ORTHEAPRIORISETINFLATIONTARGET?
Summary
TheaimofthispaperistoanswerthequestionswhetherECBshouldnotresignof
rigidinflationcontrollinginfavourofmoreflexiblemonetarypolicy,takingintoaccountprice
specificityofEurozonemembercountries;especiallyobservedtherehistoricalinterrelation-
shipsbetweeninflationandeconomicgrowth.Itseem,thatthesisasifeachlevelofinflation,
higherthenofficialECBtarget,weredangerousforeconomy,isfalse.Typicalforeachcoun-
tryisprobablydifferentlevelofinflation,whichcanco-existwithhigherlevelofeconomic
growth.Insteadofadheringtoarbitraryestablishedinflationtarget,ECBshouldfocusinits
policyratheronneutralrateofinflation(Non-DecreasingEconomicGrowthRateofInflation–
NDEGRI)concept,morefriendlyforeconomicgrowthneeds.
