Is the ECB to blame for this? Could we have avoided this surge in inflation? We are responsible for price stability in the euro area over the medium-term. We have been able to achieve this objective since the euro’s inception. We know the sentiment of our fellow citizens. The latest surveys suggest that inflation is now the major economic concern of European citizens.
They know of course that the Bank is not responsible for the increase in the cost of oil, commodities or food. Our 320 million fellow citizens can count on us to deliver price stability over the medium term, and we think particularly about the poorest and most vulnerable that can do the least to protect themselves from rising inflation. 13.