There are merits in separating policy tools again.

At the same time, inflation pressures are intensifying and broadening through the domestic economy.

Supply shocks hitting the economy could linger for longer.

These vulnerabilities are now contributing to the uneven transmission of the normalization of our policy across jurisdictions.

We will ensure that the orderly transmission of our policy stance throughout the euro area is preserved.

As Leonardo da Vinci said, "every obstacle yields to stern resolve".

We will address every obstacle that may pose a threat to our price stability mandate.