I would particularly like to stress the last point. Whatever the influences being exerted in the context of globalisation, the basic principle which allows the anchoring of monetary policy remains: in the long run, inflation is a monetary phenomenon. As a consequence, globalisation does not affect the central role and overriding responsibility of central banks to preserve price stability.
In the short term, the central bank must continue anchoring inflation expectations at a level that is consistent with the central bank’s definition of price stability. Let me illustrate this by means of an example. Let’s take the significant increase in energy prices over the last few years.