ECB executive board member Isabel Schnabel to deliver lecture at Estonian cbank

TALLINN - Isabel Schnabel of the executive board of the European Central Bank will deliver a lecture at the Bank of Estonia on Aug. 30 on the topic of inflation in the euro area.

The lecture will be followed by a discussion with the governors of the Latvian, Lithuanian, Finnish and Estonian central banks that will focus on the impact of recent crises and the lessons learned for monetary policy.

The discussion will consider how much of a problem it is if inflation rates are different in different euro area member states, and whether central banks should react to signs of inflation and to global inflation shocks. There will also be discussion of how the high inflation of recent years has impacted competitiveness and exporters in the euro area. In this context there will also be consideration of what central banks can learn from the monetary policy of euro area countries.

The members of the panel, who are all direct participants in making monetary policy in the euro area, will be Isabel Schnabel from the European Central Bank, Mārtiņš Kazāks from the central bank of Latvia, Olli Rehn from the central bank of Finland and Gediminas Šimkus from the central bank of Lithuania. The discussion will be chaired by Bank of Estonia governor Madis Müller.