(2022), “The transmission of monetary policy”, Speech at the SUERF, CGEG / COLUMBIA / SIPA, EIB, SOCIÉTÉ GÉNÉRALE conference on “EU and US Perspectives: New Directions for Economic Policy”, New York, 11 October and Lane, P.R. (2023), "The euro area hiking cycle: an interim assessment", Dow Lecture at the National Institute of Economic and Social Research, London, 16 February 2023. 4.
Of course, a two-step approach to assessing inflation is nothing new. For instance, when inflation was anticipated to remain persistently below target, the ECB adopted in July 2021 a forward guidance  framework that formalised the cross-checking dual roles of the inflation forecast and underlying inflation in underpinning monetary policy decisions. 5.