In the euro area, too, the pace of rate hikes has been unprecedented (Slide 2, right-hand side). This rapid change has caught many by surprise. In December 2021, market participants still expected policy rates to remain in negative territory until the end of 2024, virtually unchanged relative to the end of 2019 (Slide 3).
4  BIS central bankers’ speeches  Does the refugee crisis also call into question “the whole edifice”? First, please allow me to say one thing: I very much admire how Germany behaved in response to the initial shock of the refugee crisis – the willingness to welcome large numbers of refugees without solidarity from other European countries.