And we have provided some guidance for our September policy meeting and the rate path we envisage taking thereafter. We will continue along this normalisation path – and we will go as far as necessary to ensure that inflation stabilises at our 2% target over the medium term. As Victor Hugo is said to have remarked, perseverance is the “secret of all triumphs”.
At the same time, the euro area differs from some other major economies for two key reasons and the path of normalisation has to be managed accordingly. First, inflation in the euro area today is being driven by a complex mix of factors that reflect, in part, our economic structures and strategic dependencies.