Stability-oriented policies are not only a general prerequisite for EU accession. Healthy macroeconomic policies will become ever more important in the years to come, as the CEECs will gradually remove the existing restrictions on capital movements. Tackling the existing structural problems in fiscal policy will be instrumental in assuring and further reinforcing the sustainability of the consolidation achieved so far.
And in our calculation-if we are right-by the second half of next year, inflation will already be between 2.0–4.0 percent. And, hopefully, for the rest of 2024, it will stay the same. Today, I will also turn my attention to our second pillar, financial stability, which defines our role as regulators and supervisors of financial institutions.