Italy too? Every country, including Germany, for example. It’s important because for a functioning economy, for sustainability in the euro area, all countries need to keep to certain budget limits and have sound public finances. That’s very important for the euro, but it goes beyond that because it also concerns the sustainability of government debt, etc.
How soon the NBU will adopt an easing cycle will depend on how steadily risks of inflation decrease and inflation expectations improve. Looking ahead, any changes to the key policy rate will be based on the NBU’s updated macroeconomic forecast that will be published in April.