Energy prices, which rebounded with the strong recovery, added another 0.8 percentage point to headline inflation, and from long experience we expect the inflation effects of these increases to be transitory. In addition, some prices—for example, for hotel rooms and airplane tickets—declined sharply during the recession and have now moved back up close to pre-pandemic levels.
I have always known the EACB to be a constructive player, offering helpful contributions in the field of social responsibility and giving useful and constructive input on draft EU financial regulations. So I am happy to speak here today at this General Assembly dinner. In the US, there's an old saying: whenever the Fed hits the brakes, somebody goes through the windshield.