The broader and more indiscriminate the relief, the more additional inflationary pressure caused by fiscal policy. That should be avoided. Fiscal policy should also resist the temptation to take advantage of fiscal space for additional spending programmes. Which brings me to our annual accounts. 4 Annual accounts The Bundesbank sustained exceptional financial burdens in 2022.
One reason for this was the rise in US capital market rates, which caused our foreign currency reserves to lose value. Another reason was the rise in euro area policy rates. 5/7  BIS - Central bankers' speeches  The Eurosystem's interest rate increases are necessary in order to combat the high inflation.