Is the link between monetary policy and inflation broken?

The European Central Bank is likely to exceed its inflation goal for a while after a long period of near-stagnant prices, Governing Council member Erkki Liikanen said.

Malaysia’s central bank held interest rates steady at Governor Muhammad Ibrahim’s first policy meeting as chief, refraining from immediately adding stimulus to an economy that could need it in coming quarters.

Two Bank of England officials said the U.K.’s economic slowdown may not all be related to the referendum on European Union membership, signaling they have open minds about how temporary the loss of momentum will be.

German government bonds are stuck in their tightest trading range in more than a year as European Central Bank policy makers maintain a wait-and-see attitude toward inflation and their monetary-stimulus policy.

Mario Draghi is discovering that the European Central Bank’s purchasing power isn’t as strong as he had hoped.