In turn, a stable financial system is unthinkable without monetary stability, which is a necessary, albeit not sufficient prerequisite for financial stability. All these more general aspects of the relationship between globalisation and monetary policy I have mentioned are important factors for the appropriate calibration of the monetary policy stance at the current juncture.
Although no detailed information is available as yet, this increase probably stems from energy price developments. In the months to come and in 2007, inflation rates are likely to remain above 2%, the precise levels depending on future energy price developments.