Yes, even if the idea is not to copy the United States. European growth is based almost exclusively on financing of households and firms by banks. For a long time that worked well, European banks did their job. But the 2007 global crisis and then the euro area crisis revealed that depending so exclusively on one sole method of financing constitutes a weakness.
To enhance our anti-inflation signal and help bring inflation toward a target-consistent path over the medium term, we followed this up with another 25-bps hike in June, and a stronger 50-bps hike earlier this month.