* * * Dear hosts, sponsors, friends and participants in Money Fair Conference 21, It is a pleasure to be able to greet you even in this virtual format. I would also like to congratulate the hosts for persevering and managing, in these still challenging circumstances, to organise such an event.
Several upward risks to the outlook for price stability continue to exist. Concerns again relate to oil price developments, in particular to the extent that second-round effects stemming from wage and price-setting behaviour materialise. It is therefore of the utmost importance to avoid inappropriate reactions, as observed in past episodes of strong oil price increases.