As concluded in a recent report prepared by Eurosystem experts, published on 11 March, this provides evidence that despite some improvements, there is still much work to be done in the labour market reform process. With respect to reform on the financial markets, the ECB very much supports the implementation of the procedures suggested in the Lamfalussy report on securities regulation.
This year, Russia's invasion of Ukraine sparked a surge in energy prices and affected global food markets both directly, by reducing shipments of commodities such as grain, and indirectly, by, for example, curtailing fertilizer production. In recent months, some of the upward pressure from those forces has begun to wane. Supply bottlenecks appear to be easing, and global oil and commodity prices have declined.