As things currently stand, we expect to raise interest rates further over the next several meetings to dampen demand and guard against the risk of a persistent upward shift in inflation expectations. We will regularly re-evaluate our policy path in light of incoming information and the evolving inflation outlook. Our future policy rate decisions will continue to be data-dependent and follow a meeting-bymeeting approach.
As requested by the Committee, I will now turn briefly to the issue of fragmentation. Since we embarked on our normalisation path in December 2021, we have made clear that we will act should fragmentation risks threaten the even transmission of monetary policy across the euro area.