We are coming out of a lengthy period of low inflation. Between 2011 and mid-2021, euro area inflation averaged 1.2%, which is below the ECB's price stability target of 2%. The ECB's monetary policy was therefore very accommodative for a long time, with the additional aim of preventing self-reinforcing effects via falling inflation expectations and deflation. Inflation subsequently rose sharply for various reasons.
It shows the interest among Singapore-based audience to learn more about the Philippines. The COVID-19 pandemic caused unprecedented health, economic, and social crisis globally. For the Philippines, we entered the crisis in a position of strength. We were armed with strong macroeconomic fundamentals, which were a result of over 20 years of structural reforms.