While all HICP components added to this high number, energy price inflation in the euro area is standing at close to 40%, illustrating the magnitude of relative price changes in the recent period. Central banks around the world are responding forcefully to these developments. The ECB raised its policy rates by 50 basis points in July and by another 75 basis points last week.
This forum will certainly help further strengthen the foundations of such regional cooperation. I. Global Economic Developments and Outlook I would like to start by talking about the global economy based on the Bank of Japan's recent assessment. The global economy has recovered moderately on the whole, but slowdowns have been observed, mainly in advanced economies.