And for central bankers, we are faced with a challenge currently. For a range of diverse and complex reasons, we are now in an inflationary environment. Such an inflationary environment has high costs for the economy and households. The increased cost of living and erosion of living standards and higher inflation in general means lower investment, with consequences for future economic growth potential.
Tackling the risks from inflation is absolutely critical. We will be in a much worse place if we don't. There is dedication and commitment to meet our objective of price stability, and to steer a clear course. As ECB President Christine Lagarde noted at the most recent Governing Council press conference, "our determination to reach 2% medium-term should not be doubted."