Recovery in the euro area is resilient, but risks relating to the international environment remain elevated. We will continue to monitor closely the evolution of prices and costs in the coming weeks and months in order to assess any second-round effects of energy prices and also to judge the extent to which the increase in inflation represents a sustainable adjustment towards our objective.
And let me make one final point. For the past few years, growth in the euro area has been sustained by substantial support from monetary policy. Yet in the long run, growth is not determined by monetary policy, but by innovation and gains in productivity.