High global energy prices also remain a significant inflationary factor, putting pressure on consumer inflation, both directly and indirectly, through higher production costs. Third, Ukraine is also in part importing global inflation, which has hit a record-high. In particular, the current inflation rate in the United States and euro area countries is over 8%. How will prices behave in future?
For me, it’s not so much about the need for capital that we found during the health check of more than 120 of the largest banking groups in the euro area. The success of the health check was that the institutions prepared themselves for this test, also by indeed strengthening their balance sheets by around € billion.