As I set out in my speech at this year’s Jackson Hole conference, Chart 9 sketches in a stylised form the challenge the ECB is facing in reaching its inflation aim. [9]  Chart 9 The future inflation path  Source: ECB. Notes: “AD” (the blue line) represents the expected inflation path before the pandemic shock.
I very much hope that in France this will not be the case any more. That will certainly support the strength of the French economy. I also very much hope that the outcome of the French election can support a momentum of reform, starting in France, obviously, but also in Europe, that will support our monetary policy.