For the ECB, displaying our commitment to our mandate is vital to ensure that inflation expectations remain anchored while inflation is high. We are committed to bringing inflation back down to our mediumterm target, and we will take the necessary measures to do so.
All of these could eventually imply that inflation in Colombia becomes less sensitive to changes in the domestic output gap, but more responsive to changes in the world output gap. In short, the combination of an improvement in the terms of trade and capital flows in the form of foreign direct investment has contributed to a strong economic expansion.