The ECB chief is fed up with Taylor Swift being blamed for the stubborn inflation in the eurozone

However, the head of the Eurozone central bank apparently believes that those who claim that she has also become an economic power would benefit from a few lessons in macroeconomics.

Christine Lagarde, President of the European Central Bank (ECB), laughed at suggestions that Taylor Swift was to blame for the region’s stubborn inflation.

The latest figures show that eurozone inflation fell to 2.5 percent in June, closer to its 2 percent target. However, services sector inflation, which Swift’s presence would help to boost, remains high, preventing the bank from making a second rate cut after cutting its benchmark rate in June.

Because Swift’s stay in Europe is temporary, her contribution to inflation will not be perceived as “sticky,” prompting an angry Lagarde to reject the notion that she has made a significant contribution to the continent’s stubborn rise in prices.

“It’s not just Taylor Swift, you know,” said Lagarde CNBC at the ECB Forum. “Others came too.”

Lagarde said instead that higher wages for service workers and rising corporate profits were the main criteria to be taken into account before the ECB could cut interest rates again.

The Swedish central bank mentioned the Taylor Swift effect by name when it announced a rise in inflation in the same month that the singer performed in the country.

The Riksbank said hotel prices rose 11 percent in May, fueled by “concert tourists” following Swift across the continent. That was a bigger increase than at Beyonce’s performance a year earlier.

While Swift’s presence may have contributed to some price increases, it represents only a small part of the larger inflation pie.

The Taylor effect?

The “Taylor Effect” has been documented in all the regions she has visited on her extensive Eras tour this year. It has even helped her American football boyfriend Travis Kelce make money, as he now has more lucrative sponsors for his New heights Podcast with his brother Jason since his romance with Swift became public.

Several banks and think tanks have published economic analyses that estimate the economic impact to be in the billions. The impact is likely to be greater in Europe than in the US, as Americans took advantage of the strong dollar and EU rules on ticket resale to get better deals.

A report by Barclaycard suggested that Taylor Swift’s British engagement would inject £1 billion ($1.3 billion) into the country’s economy. But the source of these figures turned out to be

The Financial Times Alphaville examined the report and came up with some astonishing figures, including average travel costs of £110.80 to get to their performances and £60 for a meal beforehand.

The survey was also based on a small sample of 200 people who either had tickets to one of Swift’s concerts or were “looking for tickets”. Barclaycard also informed Alphaville that the numbers were an average of the responses and the more reliable median would probably be lower.

Swift is undoubtedly a masterpiece of her generation, but analysts should look elsewhere before blaming her for Europe’s cruel summer of inflation.

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