Today, the sovereign debt crisis seems like something from the distant past. It was followed by a pandemic and, soon thereafter, Russia’s brutal and unjustified war on European soil. This triggered an energy crisis that many European households and businesses still suffer from, along with the revival of persistently high inflation. As central bankers, we did not foresee all of this.
This would lead to much worse macroeconomic results over the short and medium term. Going forward, the stance of monetary policy will continue to be adapted on the basis of the primary objective of price stability – a rate of inflation close but less than 2%.