This does not mean that quantitative assessments cannot be made, based on the experience accumulated to date; on the contrary, they would be certainly useful for estimating the effects of rate increases on aggregate demand and changes in the costs and prices of goods and services.16 However, we will have to take these assessments into account together with the information that will gradually become available on inflation expectations and on the evolution of labour income and profits.
In any case, today I do not see any obvious reason to tie our hands with hypotheses of extraordinarily high increases, such as those that can be sometimes read, in some cases extrapolating the more recent decisions or the experience of other countries.