Inflation is a very different kettle of fish: this year, consumer price inflation in the euro area has climbed from one record high to the next since the introduction of the single currency. Hitting 10%, the September rate was the fifth all-time high in a row. One major driver of this inglorious record-breaking spree is Russia's war against Ukraine.
Our goal is to do so in way that maximizes economic growth while sustaining the significant progress that we have made in achieving price stability. I only have to compare my experience as a banker in the 1970s and early 1980s with the environment today to see the value of price stability.