Let’s therefore mind the step in adjusting our monetary policy, so we can proceed steadily through the current shocks and bring the economy back to price stability and solid growth. Annexes 3 November 2022 Slides    ENGLISH  1. When excluding energy, food, alcohol and tobacco. Core inflation is calculated by excluding more volatile components from headline inflation. 2.
Panetta, F. (2022), “Normalising monetary policy in non-normal times”, speech at a policy lecture hosted by the SAFE Policy Center at Goethe University and the Centre for Economic Policy Research, 25 May. 3. Lagarde, C. (2022), “Monetary policy in the euro area”, Karl Otto Pöhl Lecture organised by Frankfurter Gesellschaft für Handel, Industrie und Wissenschaft, 20 September. 4. Panetta, F. (2022), op.cit. 5.