• The tightening phase is coming to an end
  • We are still far from the goal of ensuring low, stable and predictable inflation
  • There are no easy solutions to restore price stability, we try to balance the risks or to undertighten or to overtighten
  • High interest rates are starting to weigh on growth
  • We expect growth to stagnate in the coming quarters: once we get through this slowdown, growth will pick up
  • Appearance of financial tensions observed in certain markets in recent months
  • See the first encouraging signs behind inflation go down

It’s more dovish than I had anticipated so far. We could be heading for another 25 basis points and then a break.

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