To sum up, the economic analysis suggests that some upward impact on HICP inflation will result from the indirect effects of recent oil price rises and already announced changes to administered prices and indirect taxes. It also indicates that risks to price stability over the medium term remain on the upside. This assessment is confirmed by cross-checking the economic analysis with the monetary analysis.
It also became clear that the connections between the various institutions, and the interfaces between them, which led to the rapid transfer of risks between parts of the system and increased its fragility, were neglected by regulators around the world.