Whenever monetary policy really matters, i.e.. when the outlook is a cause for great concern, there is so much uncertainty in the air about current and future behaviour, including previous policy decisions still working themselves out in the pipeline. Any policy measure to be taken will overlap and interact with many other past and future decisions.
Second, once we have reached the peak, we will stay there until we are sure of a safe and timely return of inflation to our 2% target. And third, we have to support this interest rate policy by reducing our balance sheet. I very much welcome the decisions to increase the pace of this reduction.