And the increased public concern about inflation is also reflected in the results of the autumn Eurobarometer survey, where more than 90% of Europeans ranked the rise in the cost of living as the number one issue of concern. And of course it is also a concern for us central bankers, whose mandate is price stability.
*** That is why we reacted already last year, when inflation increased further after the Russian aggression on Ukraine, with all its consequences for global markets and prices. Let me briefly remind you that just one year ago our policy was still very accommodative, with our main interest rate at -0.5 % and expanding programmes of asset purchases, PEPP & APP.