Inflation in the euro area is too high

We are committed to reaching inflation goal come what may.

Monetary policymakers need to address this dynamic decisively to ensure that it does not lead to a self-fulfilling spiral

We cannot waver, and we cannot declare victory yet.

We need to bring rates into “sufficiently restrictive” territory to lock in our policy tightening.

The second phase of the inflation process is now starting to become stronger.

We need to communicate clearly that we will stay at those levels for as long as necessary.

The effect on inflation from rising wages has recently been amplified

Seeing labour hoarding by firms in a context of labour shortages.