Les Rendez-vous de l’Eco: “A Review of the 2022–2024 Inflationary Spree”

After many years at a very low level, inflation rose sharply in France and the eurozone in 2021 and 2022, before falling back very quickly in 2023 and more gradually in 2024–25. To what extent did monetary tightening contribute to disinflation? Were the effects uneven across the various economies of the euro area? Two years after the inflation peak, what lessons can be drawn from this episode for the conduct of monetary policy? 

Speaker:

Agnès Bénassy-Quéréis a Deputy Governor at the Banque de France, on leave from Paris 1 Panthéon-Sorbonne University and the Paris School of Economics, where she is a professor of economics. Before joining the Banque de France, she was Chief Economist at the Directorate General of the Treasury (2020–2023). From 2012 to 2017, she served as Deputy Chair of the Economic Analysis Council. Previously, she was Director of the CEPII (2006–2012) and held academic positions at the universities of Paris-Nanterre, Lille, and Cergy-Pontoise, as well as at the École Polytechnique. She has served as 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 fellow at Bruegel and head of the CEPR’s research network on European economic architecture. Her research focuses primarily on the international monetary system and macroeconomic policy in Europe.