So long as the needle remains centred on this objective, we have used the flexibility provided by our credibility to minimise the damage to growth and employment caused by these shocks. Question 1: As you mentioned, inflation is now at an exceptionally high level. Some critics say the ECB was slow to react to rising inflation. What is your answer to those critics?
3/7  BIS - Central bankers' speeches  The ECB has embarked on policy normalisation, in two distinct phases.