ECB will ensure that a phase of high inflation does not feed into inflation expectations.

We expect to raise rates further to the levels needed to ensure that inflation returns to our 2% medium-term target in a timely manner.

Inflation in the euro area is far too high.

The risk of recession has increased.

Recession is unlikely to bring down inflation significantly.

We expect to raise rates further.

Interest rates are, and will remain, the main tool for adjusting our policy stance.

Interest rates remain the most effective tool for shaping our policy stance.

It is appropriate that the balance sheet is normalized in a measured and predictable way.

If governments cut investments, there is a risk that supply will not be rebuilt and constraints on growth will continue to bind.