This is not just a temporarily blip, it is a new economic landscape to which we have to adapt. We therefore need gradually, over the next two to three years, to bring energy subsidies down towards zero. And to spread the energy bill more efficiently across businesses and households, making sure to be fair to households – via measures that are better targeted towards the worst affected – but also to keep businesses competitive. In the long term, the key is, of course, everything that beefs up our productive capacity through the three major supply-  1/2  BIS - Central bankers' speeches  side transformations: the energy transformation first; the digital transformation; and the transformation of labour, which must be both more abundant and more qualified. Our growth will benefit, and inflation will be kept more under control. To sum up, the weapon that will allow us to declare a lasting victory over inflation is not fiscal, it is first of all monetary and then structural. 2/2  BIS - Central bankers' speeches
With reference to the question above, I can tell you that there have been several reasons to begin with these three countries, but the main reason for which we compare today the present situation in Sweden, Turkey and Romania is due to the diligent and assiduous activity of the Ambassadors of these two countries in Bucharest. Then, I would like to salute their presence here today: His Excellency Mr. Anders Bengtcén, Ambassador of the Kingdom of Sweden, and His Excellency Mr. Ömür Şölendil, Ambassador of the Republic of Turkey and to particularly extend my gratitude to them and to all the persons involved in the materialization of this conference. I also thank Mr. Klas Eklund, Senior Economist at the Swedish Bank SEB and Adjunct Professor of Economics at the Lund University and Mr. Çağri Memişoğlu, Deputy General Manager at Garanti Bank Romania. There are, of course, historical links between the three countries. I do take this opportunity to highlight a few of them. With the Republic of Turkey one could go back to the proclamation of the new state as a republic, last century, and even more, centuries of ties between the Romanian Principalities and the Ottoman Empire. I also like to notice the connection between our two central banks. In the National Bank of Romania’s archives there are letters, exchanged between Governor Mitiță Constantinescu and Governor Salâhattin Çam, regarding the organization of a conference for the governors of the central banks in the Balkanic Coalition, in November 1937, in Ankara.