In my speech today, I would like to focus on macroeconomics. In particular, I will share with you the Bundesbank’s view on the inflation prospects, given the Russian aggression, in both the short and the long run. In doing so, I will pay particular attention to Germany. After that, I will outline the possible implications of recent developments for the Eurosystem’s monetary policy.
In my opening remarks, I will focus on financial stability in the world of geopolitical fragmentation and rapid technological change. Meanwhile, I will not even touch upon monetary policy, as we have just started the ECB's silent period a few hours ago.