Further progress in increasing competition in this sector would be highly beneficial. Turning to consumer prices, annual HICP inflation was 2.2% in November, according to Eurostat’s flash estimate, down from 2.4% in October. Over the coming months, inflation rates of above 2% are likely to persist, and some temporary further increase from current levels cannot be excluded.
*  *  *  It is an honor and a pleasure to participate in the ECB Forum on Central Banking, and I thank you, President Draghi, and other members of the ECB Board, for inviting me to take part.