That is, even if supply and demand imbalances will ultimately prove short-lived, they may lift inflation during the transition phase above the levels currently projected. This can be seen when comparing the inflation path of the December 2020 and June 2021 staff projections (left chart slide 11).
*  *  *  It is a pleasure for me to welcome you today. I would like to start by thanking you all for coming to Frankfurt to participate in this conference. We are happy to have a good mix of people from academia, industry and European policy institutions in this room.