Dr. Ella Kavanagh:

On the Chairman's second question, given the fact that the ECB is the institution tasked with the responsibility for price stability, I would assume it would be the ECB that would be dealing with that issue of inflation and, consequently, introducing particular instruments, be it increasing rates or whatever, to try to bring inflation back under control. Clearly, that is its objective, which is all about achieving price stability and, as Professor Whelan said, achieving a 2% inflation target. One would expect monetary policy would be geared towards achieving the inflation target. If do not know if Professor Whelan has anything further to add to that.