Our monetary policy normalisation is expected to tighten financial conditions, slow growth and ultimately reduce inflation. But the impact is yet to fully materialise and depends on factors such as how people form inflation expectations.

#EconomicBulletin https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202303_06~b2bdff5cda.en.html

🐦🔗: https://n.respublicae.eu/ecb/status/1658020502655442944