Only in the coming years do we expect to see core inflation weaken as well, with core inflation projected to drop to 3.1% in 2024 and 2.8% in 2025. The path of monetary policy is influenced by events in the euro area. That is why I would also like to briefly outline the current state of play in the euro area.
It’s normal preparation for Governing Council meetings and monetary policy discussion that we go through the scenarios and see what we can do.” On financial-market fragmentation: “Fragmentation in European markets will subside only very gradually. That’s because economic convergence itself is slow. It’s taking place but it takes time for reforms to feed into the economic fabric of each country.