For investors in housing, these actions and those a month or two earlier reverse the effects of this year’s monetary policy easing but, of course, this was the lending that had been growing most quickly. Business loan rates have not risen. Measuring across the total loan book, the recent actions are the equivalent of roughly half of one 25 basis point monetary policy change.
Even if energy prices were to fall a little in the coming months, we are confident that inflation will, over the medium term, converge towards our aim of below, but close to, 2%. For several months now, political leaders’ criticisms of central bank independence have been growing, in Europe and, above all, in the United States. Does that worry you?