Les Rendez-vous de l’Eco “Review of the inflationary wave of 2022-2024”

After many years at a very low level, inflation rose sharply in France and the euro area in 2021 and 2022, before falling rapidly in 2023 and more slowly in 2024-25. How much did monetary tightening contribute to disinflation? Were the effects uneven across the different economies of the euro area? Two years after the inflation peak, what lessons can be learned from this episode for the conduct of monetary policy? 

Speaker:

Agnès Bénassy-Quéréis Deputy Governor of the Banque de France, on leave from Paris 1 Panthéon-Sorbonne University and the Paris School of Economics, where she is Professor of Economics. Before joining the Banque de France, she was Chief Economist at the French Treasury (2020-2023). From 2012 to 2017, she was Deputy Chair of the Economic Analysis Council. She was previously Director of CEPII (2006-2012) and has held academic positions at the universities of Paris-Nanterre, Lille, and Cergy-Pontoise, as well as at École Polytechnique. She has been a member of the High Council for Financial Stability, the General Council of the Banque de France, the Council on Compulsory Levies, the National Productivity Council, and the Franco-German Economic Analysis Council. She has also been a non-resident researcher at Bruegel and head of the CEPR's research network on European economic architecture. Her research focuses mainly on the international monetary system and macroeconomic policy in Europe.