And it caused record high and surprisingly persistent inflation in the euro area. As a consequence, monetary policy needed to be tightened – quickly and decisively. So that is what we did. We phased out our asset purchases and raised interest rates in an unprecedented fashion. And this paid off. At its peak, headline inflation was 10.6 percent.
With that said, let me turn to the topics covered in our two sessions this afternoon. Current Financial Stability Risks and Vulnerabilities During the first session this afternoon, you will be discussing current financial stability risks and vulnerabilities as well as historical parallels.