We now see it in wage inflation, which at the euro area level is now in line with our projections. What remains is converting the wage inflation into price inflation. Our projections say that this will happen in the next couple of years. Coming back to a country like Italy: it has been growing very slowly for a very long time now, 20 years.
•  The gist of the analytical work suggests that climate-related risks tend to be underpriced, although the extent to which this is the case seems to be decreasing. •  Climate-related risks are becoming increasingly salient in financial markets. Page 8 of 21  Slide 9  Proper risk pricing is challenged by the fact that climate-related exposures are opaque.