While such “management by expectations” worked relatively well in normal times, the crisis inevitably made our decision-making process more complicated and our policies more difficult to understand. For example, the use of unconventional measures implied a wider range of possible monetary policy responses to a given shock.
So, thank you for the invitation and for giving me this opportunity. Unfortunately, the circumstances under which we meet here today are still very oppressive. The longer the war in Ukraine lasts, the more death and suffering it will bring. At the same time, the economic consequences of the conflict are threatening to become more and more severe.