While the effects of such a package of course take time to materialise, our view was that by the beginning of this year we should be in a position to make an initial assessment of whether it was working as intended.
Supply bottlenecks have been showing some signs of easing and the labour market has been improving further. In the baseline of the new staff projections, which incorporate a first assessment of the implications of the war, GDP growth has been revised downwards for the near term, owing to the war in Ukraine.