Once more, strong increases in oil and other commodity prices have had a strong impact on headline inflation. Once more, we have to avoid commodity price increases becoming entrenched in longer-term inflation expectations, which could have second-round effects on wages and prices. It is against this background that the Governing Council decided to raise interest rates in April.
And I would like to emphasise that this decision was unanimous. The Governing Council is united by a common purpose. We are carefully monitoring the situation and we stand ready to do whatever is necessary to fulfil our mandate – just as we have done over the past twelve and a half years.