The first level was the longue durée: the deep processes over long periods that shape the structures of economy and society. Such a long term perspective is important to assess EMU because a key objective is to further the historic project of European integration. The second level of time was the époque: the trends that define a particular period of history.
Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.