Ladies and gentlemen, On the occasion of a regional conference of the Joint Year 2000 Council, I warmly welcome you here to Frankfurt. As chairman of the CPSS and a member of the Joint Year 2000 Council it is an honour and a pleasure for me to act as host to this distinguished audience.
Inflationary pressures, already elevated as a result of post-pandemic developments in the global economy, are now characterized by a marked increase as a result of Russian aggression in Ukraine. Inflationary pressures certainly pose a challenge to financial stability, as they directly affect the solvency of citizens in conditions where incomes are not corrected for inflation.