This is because upside risks from higher oil prices, a depreciation of the euro and higher indirect taxes are only partly offset by downside risks stemming from lower foreign and domestic demand. Overall, the staff projections are in line with our assessment of subdued underlying price and cost pressures that suggest a period of prolonged low inflation.
And with the digital euro, we are now at the cusp of another key European project. What is more, the Bundesbank has played a major new role in safeguarding financial stability since 2014. Needless to say, functioning, stable financial markets have always been important to the Bank. But the Financial Stability Act staked out a new framework.