However, we observe that this situation does not prevent banks from letting their clients benefit from easy financing conditions, including access to cheap long-term central bank credit (TLTROs). So right now we are satisfied with the impact of our policy. Surveys of SMEs for example show that they’re no longer particularly worried about access to credit.
I want to emphasize that the pace of interest rate increases will depend on the Bank’s continuing assessment of the prospects for factors that affect pressures on capacity and, hence, inflation. There are significant risks and uncertainties around this base-case projection, related to the adjustment to changes in the global economy, including changes in commodity prices and exchange rates.