Question: I’d just like to talk to you about gold reserves. The ECB said it will readjust the value of its gold reserves on its books each quarter, and I think it has also decided to keep about 15% of its exchange reserves in gold.
In the second half of 2022, the economy slowed significantly, as the economic effects of higher inflation began to take hold, limiting households' purchasing power and business sentiment. We expect the two distinct halves of last year to be reversed in 2023.